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Huffy Corp. sells Gen-X Opportunity business

Sales & Trends

MIAMISBURG, Ohio (March 24) – Bicycle-maker Huffy Corp. said Monday it sold its Gen-X Opportunity business for an undisclosed amount. Gen-X Opportunity, which specializes in purchasing excess sports-equipment inventory and selling it to retailers, was bought by a group headed by its original founders, James Salter and Kenneth Finkelstein, and industry veteran Rick White. The […]

MIAMISBURG, Ohio (March 24) – Bicycle-maker Huffy Corp. said Monday it sold its Gen-X Opportunity business for an undisclosed amount. Gen-X Opportunity, which specializes in purchasing excess sports-equipment inventory and selling it to retailers, was bought by a group headed by its original founders, James Salter and Kenneth Finkelstein, and industry veteran Rick White. The business was a unit of Canada’s Gen-X Inc., which makes equipment for golf, snowboarding, inline skating, skiing and hockey. Huffy purchased Gen-X Inc. in September 2002. The acquisition was supposed to help the company get into product lines growing faster than its main product, bicycles, but its lagging performance has been creating a drag on margins. Last month, Miamisburg-based Huffy said it would cut 100 jobs, mostly at the Gen-X unit. Also, higher-than-anticipated expense levels at Gen-X contributed to losses for the fourth quarter and all of 2003. The sale also includes the “Gen-X” name, and the Gen-X Opportunity business now will be called Gen-X Sports Inc.(source: ANP)

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