PHOENIX, AZ (BRAIN)—Titus’ major lender Factors Southwest, which took control of the bike company on Tuesday, is accepting bids to buy Titus until next Friday, Nov. 19, at 12 p.m.
“We have received a lot of interest in Titus and we want to get Titus into its new owner’s hands as quickly as we can so they can build on the equity and loyalty in the company,” said Robyn Barrett, Factors Southwest managing member.
The auction will include Titus’ trade names, trademarks, logos, Web site, customer lists, inventory and all personal property. It also will include Titus’ Horst Link license currently held by Specialized. The Titus facility and inventory is available for pre-auction visit.
After the auction next Friday closes at noon, a second auction is planned to quickly follow. Those participating in the first auction will be told the highest bid and can submit a new bid. The lender also is accepting bids on its note from those who wish to forgo the bid process to get Titus up and running even quicker.
“Over the last year Titus laid off many of its good employees and the company’s image was threatened, which is the reason we foreclosed. We realize how important it is to minimize the time Titus is off the market and are open to bids on our note,” Barrett said.
Those wishing to review Titus’ assets prior to bidding should contact Barrett at (480) 947-9340, ext. 1. Auction bids should be sent to Chris Arnold, United Companies, chief executive officer. He can be reached at (602) 828-2772 or carnold@ucompanies.net.
—Matt Wiebe
mwiebe@bicycleretailer.com
