Editor’s note, Jan. 29, 2016: The Guru auction is tentatively scheduled for Feb. 9. The auction will be conducted by Auctioneer Continental in Montreal. There is more information is on their website, including a folder of photos of equipment to be auctioned.
St. LAURENT, Quebec — Guru Cycles will not be continuing under its current ownership; its remaining assets, including its trademarks and manufacturing equipment, will be auctioned next month.
The company told its dealers in December that it was hoping to reorganize after incurring unmanageable debts stemming from a factory move early last year. The company made an initial bankruptcy filing with a Montreal court just before Christmas, listing debts of CA$1.1 million ($789,000).
Owner Ted Matthews told BRAIN this week that attempts to line up an invester were unsuccessful.
“We’re going to be closing for good and the assets are…
