Performance Bicycle, the Chapel Hill-based retailer, won’t close any of its North Carolina stores after its parent company filed for bankruptcy protection earlier this month.
The retailer is closing around 40 stores total as it goes through Chapter 11 bankruptcy. Advanced Sports Enterprises, the Philadelphia company that bought Performance Bicycle just a little more than two years ago, filed for bankruptcy protection on Nov. 16. The company said it took that action “to restructure and better position itself for future success,” according to a release.
Advanced Sports has more than $100 million in debt, according to its bankruptcy filings.
At the time, the company’s CEO said bankruptcy would lead to the company closing a large portion of its 100 stores across the country. Many of the stores closing are California, Illinois, Texas and Virginia.
In North Carolina, the company has stores in Chapel Hill, Cary, Raleigh, Greensboro and Charlotte.
The list of stores that are closing isn’t set in stone, a spokeswoman for the company said.
“[O]nce we get through this Chapter 11, and we are able to renegotiate leases on some of these stores, or find some other solution that will help them get profitable again, we may determine that the store shouldn’t close,” Karen Bliss, a spokeswoman for Advanced Sports, said in an email.
She added that other bicycle retailers might be interested in taking over former Performance Bicycle locations.
“Also, as part of the Chapter 11, we are required to put the company and its assets up for auction. Stores are included in those assets and we have already received interest in some of the store locations from other bicycle retailers,” she said.
Along with Performance Bicycle, Advanced Sports also owns the bike brands Fuji, Kestrel, SE, Breezer Bikes and Tuesday Cycles as well as the retailer Bike Nashbar.
Performance Bicycle’s history goes back more than 30 years, when it started as a bicycle catalog company. It has around 2,000 employees. Bicycle Retailer and Industry News estimated that Performance’s annual revenue was between $275 million and $280 million, when it was purchased in 2016.
Here is a list of where stores are closing:
In Arizona: Peoria
In California: San Rafael, Kearny Mesa, Bonita, San Francisco, Fountain Valley, Oceanside, Oxnard, Berkeley, Dublin, San Mateo, Woodland Hills, Roseville
Colorado: Littleton, Colorado Springs
Florida: Ft. Lauderdale, Tampa, Winter Park, Jacksonville,
Illinois: Lincoln Park, Northbrook, Schaumburg, Orland Park,
Maryland: Baltimore, Gaithersburg, Columbia
Ohio: Mayfield Heights, Dayton
Texas: Austin (W. Anderson), Houston (FM 1960), Houston (Westheimer), Southlake, Farmer’s Branch
Virginia: Baileys Crossroads, Charlottesville, Vienna
Washington: Lynnwood, Seattle