FORT LAUDERDALE, Fla. (BRAIN) — Barmer Enterprises, which owns the eight-location Bike America retail chain in Florida, has filed for Chapter 11 reorganization, telling the court it had at least $5 million in debt.
Barmer, which the filing said is owned by Gary Mercado and Steven C. Barnes, bought the retail chain in 2014. The first Bike America store opened in 1970 in Boca Raton.
Filings with the U.S. Bankruptcy Court for the Southern District of Florida show the largest unsecured creditor is SunTrust Bank, owed $1.93 million. The company hopes to reorganize its secured debt, primarily a Small Business Administration loan, according to the filings.
Barmer has about 40 employees and its assets include inventory and fixtures. It owns no real estate.
Besides SunTrust, its largest unsecured creditors include Specialized Bike Components, owed $513,715; Giant Bicycle at $484,855; Cycling Sports Group at $425,422; and B.A. Acquisition Corp. at $400,000. BMC USA, BRG, CamelBak, Cateye, Haro, Hawley, J&B Importers, Louis Garneau, NiteRider, Reynolds, Swiftwick, Thule, Troy Lee Designs and Yakima are also on the creditor list.
A company representative could not be reached for comment. An employee at the Coral Springs location said the stores remain open.
