After some hypothesis, specialist bike retailer The Professional’s Closet (TPC) right this moment confirmed that it’ll shutter its operations in October.
What initially appeared as an “Finish of Season” sale on their web site was quickly outed on social media as a “Going out of Enterprise” sale, with reductions reaching as much as 75% throughout their complete vary, together with bikes, wheels and attire.
Based in 2006 by former skilled mountain biker Nick Martin, TPC initially began as a private enterprise to resell used biking gear on eBay. Martin’s imaginative and prescient of offering high-quality pre-owned gear to a wider viewers quickly took off, remodeling the enterprise from a aspect hustle right into a fully-fledged firm. TPC professionalised the method of shopping for and promoting used bicycles, with an emphasis on inspection and licensed high quality.
The pandemic-era biking increase was good for TPC. In 2021, the corporate upgraded its modest 24,000-square-foot headquarters in Boulder, Colorado, to a sprawling 137,000-square-foot facility, dubbing itself “The Metro Space’s Largest Bike Retailer.” That very same yr, TPC raised $40 million in funding to gasoline its enlargement, permitting it to double its workforce and rejoice a fivefold improve in income in comparison with 2019.
Nonetheless, TPC’s gross sales took a pointy flip when the COVID increase burst. Financial uncertainty, provide chain disruptions, and elevated competitors all contributed to its struggles. Its management noticed frequent modifications as the corporate tried to pivot and adapt. 2023 proved notably difficult, with TPC experiencing two rounds of layoffs, suggesting that the writing was on the wall.
TPC mentioned that since its founding, it has helped “over 160,000 prospects discover their good trip and have offered greater than 46,000 bikes. It’s been a hell of a trip, and we couldn’t be extra grateful to the purchasers, staff, and distributors who made this journey doable.”
“This has been a unprecedented chapter on the earth of biking, and we’re extremely grateful to everybody who has been part of it,” mentioned CEO Jonathan Czaja. “From our devoted staff to the loyal riders and business companions, your assist allowed us to develop and create an enduring affect. Whereas that is the top of the street for TPC, because it operates right this moment, we’re pleased with what we’ve achieved collectively.”
As TPC prepares to shut its doorways, the enterprise is attempting to mitigate its losses by providing its remaining stock at important reductions. Store the sale, right here.
