Performance Bicycle, the Chapel Hill-based retailer, won’t aing any of its North Carolina food afterwards its ancestor aggregation filed for defalcation aegis beforehand this month.
The banker is closing about 40 food absolute as it goes through Chapter 11 bankruptcy. Advanced Sports Enterprises, the Philadelphia aggregation that bought Performance Bike aloof a little added than two years ago, filed for defalcation aegis on Nov. 16. The aggregation said it took that activity “to restructure and bigger position itself for approaching success,” according to a release.
Advanced Sports has added than $100 actor in debt, according to its defalcation filings.
At the time, the company’s CEO said defalcation would advance to the aggregation closing a ample allocation of its 100 food beyond the country. Many of the food closing are California, Illinois, Texas and Virginia.
In North Carolina, the aggregation has food in Chapel Hill, Cary, Raleigh, Greensboro and Charlotte.
The account of food that are closing isn’t set in stone, a backer for the aggregation said.
“[O]nce we get through this Chapter 11, and we are able to renegotiate leases on some of these stores, or acquisition some added band-aid that will advice them get isting again, we may actuate that the abundance suldn’t close,” Karen Bliss, a backer for Advanced Sports, said in an email.
“Also, as allotment of the Chapter 11, we are appropriate to put the aggregation and its ets up for auction. Food are included in tse ets and we accept already actomed absorption in some of the abundance locations from added bike retailers,” she said.
Along with Performance Bicycle, Advanced Sports additionally owns the bike brands Fuji, Kestrel, SE, Breezer Bikes and Tuesday Cycles as able-bodied as the banker Bike Nashbar.
Performance Bicycle’s history goes aback added than 30 years, back it sed as a bike archive company. It has about 2,000 employees. Bike Banker and Industry News estimated that Performance’s anniversary acquirement was amid $275 actor and $280 million, back it was purchased in 2016.
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