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Dallas-based World Cycle Corp. files Chapter 11 reorganization
Dallas-based bicycle retailer World Cycle Corp., which operates six stores in San Antonio, recently filed for reorganization under Chapter 11 of the U.S. Bankruptcy statutes. However, company officials say that filing should not affect local World Cycle stores.
Bankruptcy papers filed in Dallas in August reveal that the company has total assets of $12 million and total liabilities of $10 million.
Two-year-old World Cycle hit the financial skids when it recently built too many stores - 33 of them - in Florida, which proved to be a soft market, according to this month's issue of Bicycle Dealer …