PHOENIX, AZ (BRAIN)—Titus’ major lender Factors Southwest, which took control of the bike company earlier this month, closed the first round of bids for Titus on Friday, November 19, at noon. It has since entered a second round of bidding.
“There is enough bid activity that we will hold a second round. Only bidders that bid in the first round will receive the high bid amount Friday after the first round closed. They can then make a final bid on or before Tuesday, November 23, at 5 p.m.,” said Robyn Barrett, Factors Southwest managing member.
Factors Southwest assumed control of the company from its owner, GAI Cycles, on November 9. It is auctioning assets including Titus’ trade names, trademarks, logos, website, customer lists, inventory and all personal property.