The breakdown of Performance Bicycle’s parent company is bringing the bicycle retail chain to an end.
Advanced Sports Enterprises Inc. filed for Chapter 11 bankruptcy in November, and all Performance Bicycle stores are currently undergoing liquidation sales, according to The News & Observer. The Chapel Hill, North Carolina-based chain has five Greater Washington stores, plus one in Columbia, Maryland.
Out of the six, the stores in Vienna, Gaithersburg and Columbia have already closed. Trade publication Bicycle Retailer reported that all Performance Bicycle stores, including the remaining Greater Washington stores in Rockville, Springfield and Reston, are expected to close by March 2.
New York-based The Tiger Capital Group and Advanced Holdings Co. Ltd. last week acquired the assets of Advanced Sports Enterprises in bankruptcy court for more than $23 million. The joint venture will continue operating Advanced Sports Enterprises’ wholesale unit. Tiger is not involved in the liquidation…Read the full story from the Washington Business Journal.