Huffy

The Huffy Corporation is an American importer and manufacturer of inexpensive mass-market bicycles. It was founded in 1887 when George P. Huffman purchased the Davis Sewing Machine Company and moved its factory to Dayton, Ohio. Seven years later, in 1894, Huffman adapted the factory to manufacture bicycles. In 2004, it sold its Huffy Sports division to Russell Corporation. Huffy Sports manufactures sporting goods, including the Hydra-Rib basketball systems used by the NBA.

Huffy Bicycles

From the company's inception until 1949, Huffy manufactured and sold bicycles under the "Dayton" brand. Popular models included the Special Roadster, the Racer, the LaFrance, and the Streamliner.

In 1949, Huffy developed the Huffy Convertible, a children's bicycle with rear training wheels and foot steps. The Convertible revolutionized the children's market and was the first Huffy bicycle under the Huffy name. In 1953, a Huffy logo was created and Huffy switched all its bicycles to the Huffy name.

Popular models of the Huffy era include the Radio Bicycle, which had a radio in the frame, the Dragster, the Scout, and the Sigma.

In 1970, the Huffy Corporation was founded as an umbrella company to house the Huffy Bicycle division, as well as Huffy's emerging sporting goods line.

In the 1984 and 1988 Summer Olympics, United States athletes riding Serotta-built bicycles racing under the Huffy name won two gold, two silver, and one bronze medal.

Huffy Bicycles had a manufacturing and assembly facility in Celina, Ohio, at one time Celina's largest employer. In 1996, the bicycle division received a major blow when U.S. courts ruled that surging imports of low-cost, mass-market bicycles from China did not pose a 'material threat' to the last three major U.S. bicycle manufacturers - Murray Inc., Roadmaster, and Huffy.^[1] In 1999, after it became apparent that continued U.S. production of low-cost, mass-market bicycles was no longer viable, Huffy closed down all remaining U.S. bicycle manufacturing operations. Murray and Roadmaster soon followed suit. Crown Equipment Corporation now uses the former Huffy U.S. bicycle factory to produce forklifts.

Financial problems

On 13 August 2004, Huffy announced that its financial statements had accounting irregularities. The price of Huffy stock (Stock symbol: HUF) declined by 40 percent on the next NYSE trading day. On 16 August 2004, the NYSE suspended Huffy stock and removed it as a listed stock. Finally, on 20 October 2004, Huffy announced that the Huffy Corporation and all its United States and Canadian subsidiaries would file for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.

References

External links

• Huffy Corporation Official Site
• Huffy Bicycles Official Site
• Huffy Sports Official Site