Performance Bicycle cut staff earlier in the week, according to report in the Charlotte Observer. CEO Jim Thompson didn't reveal the amount of positions that were affected.
“We took actions this week to bring our expense structure in line,” Thompson told the newspaper. “Right now we're all in a difficult soup together as a retail sector.”
Thompson did say Performance Bicycle had opened four new stores this year despite the rough economy, and is profitable. The new stores are located in Chapel Hill, North Carolina, San Mateo, California, Portland, Oregon and Seattle, Washington. It now has 95 stores nationwide.
Thompson noted that Performance had a great year in 2008 when gasoline prices spiked to $4 a gallon and commuters looked for more economic options.
But gas prices have returned to pre-recession levels while the recession grinds on, snuffing consumer demand for Lycra cycling shorts, aerodynamic helmets and other accessories.
