Advanced Sports Enterprises, the parent company of bicycle retailer Performance Bicycle, plans to eliminate 200 jobs at Performance Bicycle’s corporate office.
The planned job cuts come after Advanced Sports Enterprises — the Philadelphia company that bought Performance Bicycle a little more than two years ago — filed for bankruptcy protection on Nov. 16. Advanced Sports has more than $100 million in debt, according to its bankruptcy filings.
Additionally, the company also plans to extend liquidation sales to all of its stores.
Performance Bicycle in an amended bankruptcy filing said Gordon Brothers, which was initially to liquidate 40 Performance Bicycle stores, has been retained to liquidate the chain’s remaining 62 stores.
The company, under its parent name, Advanced Sports Enterprises, filed for bankruptcy on November 16..
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.
For more information visit Advanced Sports Enterprises
Source: The News & Observer