A group of four companies, called Tiger Group, submitted the winning bid in bankruptcy court to acquire the assets of Advanced Sports Enterprises (ASE), the parent of Performance Bicycle and cycling brands including Fuji, SE Bikes, Kestrel and Breezer.
According to Bicycle Retailer, a bankruptcy judge approved the bid at the end of an 8-hour hearing on Friday and a sales closing is expected this week. Tiger Group includes Tiger Capital Group LLC, Advanced Holdings Co Ltd, Amain.com Inc, and K&B Investment Corporation.
Tiger Capital Group and Advanced Holdings jointly formed BikeCo and BikeCo agreed to purchase the assets of ASE’s wholesale business, including its bike trademarks which include Fuji, Kestrel, Breezer and SE. Amain will buy the Performance Bicycle and Nashbar e-commerce businesses. K&B agreed to purchase ASE’s property and buildings in North Carolina and Philadelphia.
The Tiger Group has not indicated whether it will assume the leases on 62 Performance Bicycle stores that remain open. Forty have already been closed so far in bankruptcy proceedings. ASE began liquidating all 102 Performance Bicycle locations about a month after filing for Chapter 11 on November 16 with hopes of relaunching the chain post-bankruptcy.
