On November 18th and November 20th, Glenside Local reported on the bankruptcy filings for Advanced Sports Enterprises and four affiliated businesses. Led by Mr. Patrick Cunnane, husband of Congresswoman-Elect Madeleine Dean, Advanced Sports Enterprises has been a major force within the bicycle industry.
A few additional updates:
Advanced Sports Enterprises has given Worker Adjustment Retraining Notification (WARN) Act notices to employees through the Commonwealth that 60 workers will be laid off from employment on January 15, 2019.
January 15, 2019, will also potentially be the date of the auction of the assets of the five related bicycle businesses.
The auction – scheduled for tomorrow, December 18th – to sell off the assets of the businesses affected by the bankruptcy filings has been delayed.
The United States Bankruptcy Court for the Middle District of North Carolina, Durham Division has now requested that all bids for assets of the five bicycle businesses be submitted by Noon on January 11, 2019.
If only one bid is received for an individual asset or group of assets, those assets may be sold directly to the bidder, depending on court approval.
If there is more than one bid for an individual asset or group of assets, those assets will be placed in an auction to be held “in the vicinity of Chapel Hill, North Carolina” at 10:00 AM on January 15, 2019.
You can view information about the auction procedures and related items by clicking here.
The image of the WARN Notice is provided courtesy of the Commonwealth of Pennsylvania, 2018.