ROTHERHAM, U.K. (BRAIN)--Planet X, a U.K. based Internet bicycle retailer, purchased all of Titus’ assets from Factors Southwest late Tuesday, November 23.
Factors Southwest, Titus’ major lender, foreclosed on the Arizona based bicycle company on November 9 due to failure to keep up its loan payments. Factors Southwest initiated a public auction to get Titus into new owner’s hands as quickly as possible.
Factors Southwest entertained bids from interested parties in two separate rounds of bidding. The second round concluded Tuesday, with Planet X placing the winning bid.
Planet X sells pavement bikes under its Planet X brand and mountain bikes under its On One brand. Planet X does not sell mountain bikes on its U.S. Web site; only its pavement products are available.
In addition to complete bikes, Planet X sells a wide range of parts and accessories, and has subsidiaries in 12 countries around the world, including Planet X USA in Gap, Pennsylvania.