|Direct Focus Inc. is the Latest to Bid for Schwinn/GTDirect Focus Inc. , a fitness and health products marketer, on Thursday submitted a bid for a bankruptcy auction to acquire most of the assets of bicycle maker Schwinn/GT's fitness equipment division. |
Direct Focus, which markets Bow Flex and Nautilus fitness gear, said the move is part of a joint bid with Pacific Cycle, which hopes to acquire most of the assets of Schwinn's bicycle division.
A U.S. bankruptcy court in August approved a bid and auction procedure for all of the assets of Schwinn/GT's bicycle division. Direct Focus said the auction also allows bids for the entire Schwinn business, including the bicycle and fitness assets.
Direct Focus shares lost $2.83, or 10.77 percent, to $23.44 at the close of Thursday trading on the Nasdaq.
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