Layoffs in several states as ASE sale nears completion; remaining Performance stores to shutter

By Steve Frothingham

CHAPEL HILL, N.C. (BRAIN) — About 95 employees at ASE’s facility here — the longtime headquarters for the company’s Performance retail division — were laid off Wednesday as it became near certain that the remaining stores will close for good by next month.

The layoffs ended any hopes that any Performance stores, once the country’s largest bike retail chain, would continue. However, the new owners of the Performance and Nashbar e-commerce businesses told BRAIN they will operate and expand those sites. And the new owners of ASI, the wholesale business that distributes Fuji, Kestrel, SE and other brands, also plan to keep that business alive.

Longtime ASI CEO Pat Cunnane is leaving the company after a transition period. Karen Bliss, who is ASI’s chief marketing officer, has been named president, as well. Brian Davis, from Tiger Capital Group, has been named interim CEO of ASI. Tiger Capital is acquiring ASI in a joint venture with Advanced Holdings called BikeCo.

Last week a bankruptcy judge approved a $23 million bid by a group of three companies for the assets of ASE, which had filed for Chapter 11 bankruptcy in mid-November. Final sales closing paperwork was underway Thursday (<a target="_blank" rel="nofollow" href="https://www.usatoday.com/story/money/business/2019/02/07/wells-fargo-outage-bank-works-fix-system-technical-difficulties/2800621002/%20" …read more

Via:: Bicycle Retailer and Industry News