Performance Bicycle Files for Bankruptcy Protection
The country’s largest cycling retailer filed in NC for bankruptcy protection saying that it anticipated a cash crunch in January that would hamper its ability to acquire inventory for the highly seasonal cycling business in the Spring and Summer. Advanced Sports Enterprises, as the parent is known, said the imbalance between its capital structure and the cash needs of its seasonal business caused the filing. In addition to the Performance Bicycle retail stores, it also wholesales bikes under the Fuji, Kestrel, SE, Breezer and other brands. The company had sales of about $100 million.
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