It will be the end of an era today in New Braunfels, as the assets of the formerly high flying Scooter Store will be sold at auction to raise money to satisfy the company's bankruptcy creditors, 1200 WOAI news reports.
"Printers, computers, monitors, keyboards," said Gary Rogers of the New Braunfels Auction Company of the items which will go under the gavel today. "We have rolling chairs, office chairs, folding tables, we have a fully equipped restaurant."
The one thing that will not be going up for auction, Rogers said, is scooters.
"There are no scooters at the Scooter Store auction, but there is everything else you would need to run a scooter company," he said.
The auction will be a the sprawling three story building at 337 and 46 which was the headquarters of the Scooter Store for the last three years. The building itself is leased and will not be included in the auction.
The Scooter Store, which was once the largest private employer in Comal County and one of the fastest growing firms in the state, imploded quickly over a five weeks earlier this year. The Scooter Store's problems began when the FBI and other state and federal agencies raided the company's offices in February.
That was followed by the layoff of 1800 of the companies roughly 2050 employees, followed by a bankruptcy court filing.
Rogers says the purpose of the auction is to raise money to satisfy the company's many creditors.
"All the money will go to pay bills and pay debtors," he said.
They will need to do more than sell a few office chairs to meet the demands of their creditors. The bankruptcy petition says the Scooter Store owes $50 million, and its largest creditor is the Centers for Medicare and Medicaid Services, which helped it provide scooters to hundreds of thousands of people, largely through its hard-sell television ads.
Scooter Store executives have said they plan to emerge from bankruptcy with a new company which is well capitalized and ready to again enter the mobility business.