Velo Cyclery is shuttering two online selling sites for bike gear, engaging B. Riley Retail Solutions to facilitate website closing sales for Colorado Cyclist and Planet Cyclery. Velo is owned by investment management firm Sterling Partners.
B. Riley is facilitating the total liquidation of Planet Cyclery and Colorado Cyclist’s inventory, in connection with the executed General Assignment for the Benefit of Creditors (ABC) of Velo.
Velo is the holding company for Planet Cyclery and Colorado Cyclist, both Colorado-based businesses selling high-end bicycles, components, and accessories through their online and brick and mortar stores. As a retailer serving the cycling community, Velo said it focuses on its customer relationships through engagement, content, marketing, and product breadth.
Paul McAfee, a former strategic account manager at Nike, was appointed president of Velo in late 2022 and added the CEO title in February of last year.
McAfee reportedly brought two decades of experience working in sports and the outdoor industry when he joined Velo. Prior to Velo, he was president of North America operations and chief sales officer for Statsports. Before Statsports, McAfee worked on leadership teams at Canyon Bicycles and Chain Reaction Cycles.
“Colorado Cyclist has offered high quality bicycle parts and accessories for serious cyclists across North America for over 45 years, and Planet Cyclery offers premium brands that are relevant to casual riders and enthusiasts alike,” said Tim Shilling, president of B. Riley Retail, Wholesale and Industrial Solutions. “Both retailers are known for sourcing premium equipment for dedicated cyclists and are home to some of the best cycling brands. Enthusiasts should shop these online sales early before inventory sells out.”
In its media statement announcing the site closures, B.Riley did not mention Velo or Sterling Partners.
The Colorado Cyclist was established in 1977 in Estes Park, CO as a custom bicycle wheel building business and grew to become a top source for cycling related products for serious cyclists across North America.
Jonathan Wernick of B. Riley Advisory Services, assignee in the ABC of Velo, said: “Additional assets from both sites, including intellectual property, fixtures, and equipment, will be available for a limited time during the wind down in this process.”
The Planet Cyclery and Colorado Cyclist sales are available for a limited time only. All inventory will be sold within a matter of weeks.
Image courtesy Colorado Cyclist Website
