Graham-Field heads for auction block
March 31, 2003
ATLANTA - Graham-Field and all its assets are going up for auction April 9, and the minimum bid is $25 million.
The decision to sell the company flies in the face of expectations that G-F would emerge from bankruptcy at the end of the first quarter 2003 (See HME News, Nov. 2003) and continue to run under current management.
Qualified bidders must submit bids before April 7 to participate in the April 9 auction. A lawyer representing the sellers said he’s been in touch with a “series” of parties who intend to submit bids.
Graham-Field’s assets include the oldest wheelchair name-brand in the industry, Everest & Jennings, as well as other subsidiaries with well-traveled names - Lumex, Basic American and Labac.
In November, G-F’s executives told HME News that its sales were running at an annual rate of about $85 million. The company employed 400. At its peak in the 1990s, Graham-Field’s sales rang in at more than $350 million annually.
Despite filing for bankruptcy protection, one New York HME provider and G-F customer contacted by HME News last week said business with G-F was still great.