CHAPEL HILL, N.C. (BRAIN) — Advanced Sport Enterprises, the two-year-old company that is parent to the Performance Bicycle retail chain, Bike Nashbar, and distributor ASI, plans to file for Chapter 11 bankruptcy protection Friday morning. The move is likely to lead to the closure of at least 40 Performance stores in the coming months; the chain currently has 104 locations.
It also could dismantle one of this industry’s most vertically integrated large scale organizations, with direct ties from Asian manufacturing through to brick and mortar and online retail sales, as well as wholesale sales to other retailers.
ASE was created as the parent corporation after Philadelphia-based ASI acquired Performance and Nashbar in August 2016. ASI owns and distributes the bike brands Fuji, Breezer, SE Bikes, Kestrel, and Tuesday Cycles, and the component brand Oval Concepts.
Assets and liabilities figures were not immediately available from the federal bankruptcy court in North Carolina, where the company is headquartered.
Patrick Cunnane, the CEO of ASE, said the ASI distribution business is profitable but was unable to turn around the retail business, which has seen sales declines for …read more