UK Based Planet-X Buys Titus at Auction
Planet X, a UK-based internet retailer that has also had it’s own dirt jump an mountain bike brands in the past, has purchased the assets of Titus out of foreclosure.
UK-based internet retailers Planet X have bought US mountain bike assets from major lender Factors Southwest (FSW) on Tuesday night after emerging victorious from a second round of bidding.
“Titus have a lot of followers and as a result we had strong interest,” Robyn Barrett, founder and managing member of FSW, told BikeRadar. “We’re very pleased with the outcome of the sale and believe Planet X are a great fit and will carry the brand through and take the company to the next level.”
After failing to make several loan payments to Factors Southwest (FSW), Titus closed shop last week after announcing they were looking for new owners. Despite putting out some rather nice looking bikes (our opinion) over the past few years, The company had not been making the sales volume it needed since the departure of founder Chris Cocalis in 2006, during which time ownership changed twice.
No word yet on whether manufacturing will move from their current Arizona plant to the UK, but FSW has said that they would expect any new owner to honor warranty and parts concerns.
Cocalis founded Titus in 1991 and headed the company until selling his ownership in 2006 to Vyatek Sports. Vyatek sold the brand to Pheonix, AZ, based GAI Cycles in 2008.