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..
In an interview with Bicycle Retailer, ASE’s CEO, Pat Cunnane, said the full liquidation doesn’t mean stores won’t be reopened as part of the restructuring.
“Currently, this is more about inventory liquidation rather than store closure,” he said in an email to BRAIN. “Whether a store is ultimately closed is a function of concessions that we may obtain from landlords and the marketplace of potential bidders. This process will enable us to determine which stores are the most valuable to the business. We are trying to renegotiate leases and we believe this helps. So, this is actually in pursuit of maintaining as many stores as possible. Still, we continue to work through many obstacles and we don’t know what stores will remain open until the occupancy costs are known.”