Boyds to Auction Inventory, Equipment
The recent bankruptcy of Boyds Wheels Inc. will give some bargain hunters a break, as the company is auctioning most of its physical assets and inventory in a three-day sale that starts Wednesday at its office in Stanton.
The sale should draw both consumers and businesspeople. In addition to hundreds of sets of the custom wheel maker’s auto and motorcycle wheels, the auctioneers will be bringing the hammer down on Boyds production machinery, office equipment and, if a bidder can be found, the company’s warehouse and shipping facility as well. (Attorneys say there’s a $1.8-million price tag on the real estate.)
An attorney with the company’s bankruptcy counsel says there is no firm appraisal of the goods being offered (at least not one the law firm is willing to share) but suggests the total value is between $6 million and $10 million.
The auction would rid Boyds of its physical assets but leave the company its name and intellectual property, including all of the Boyds Wheel designs.
Plans are to emerge from the Chapter 11 proceeding as a “dramatically restructured company” that either merges with a competitor or remains independent but subcontracts the manufacture of its wheels to an outside firm, says bankruptcy lawyer Jeffrey Golden, of Albert, Weiland & Golden in Costa Mesa.
“We cannot discuss specifics yet,” Golden said, “but there are talks going on with several interested parties,” including other custom wheel makers.
The company declared bankruptcy Jan. 30 after a string of losses and layoffs was compounded by the failure of a major customer.
The Boyds inventory is on display for potential auction buyers until 5 p.m. today at the company’s headquarters, 8380 Cerritos Ave., Stanton. The auction will take place Wednesday, Thursday and Friday at the same location, starting at 10 a.m. each day.
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John O’Dell covers major Orange County corporations and manufacturing for The Times. He can be reached at (714) 966-5831 and at john.odell@latimes.com.
