All of Performance Bicycle's brick-and-mortar stores are expected to close over the course of the next few weeks, the result of the Chapter 11 bankruptcy proceedings involving Advanced Sports Enterprises (ASE). ASE was the owner of Performance and Bike Nashbar, and was also the parent company of Fuji, Kestrel, SE, Breezer Bikes and Tuesday Cycle. Performance was the largest bicycle retailer in the United States, with over 100 locations spread across the country.
According to Bicycle Retailer
, the store closings were also accompanied by at least 95 layoffs at ASE's office in Chapel Hill, North Carolina. ASE's assets were purchased in early February by a group of four companies called the Tiger Group for a reported $23 million.
BikeCo, which is the name given to the company created by Adcanced Holdings Co, a private equity group from Hong Kong, and Tiger Capital Group, a high-profile business liquidator, are in the process of purchasing ASE's wholesale business, along with the Fuji, Kester, Breezer, and SE trademarks.
Amain.com Inc purchased the Performance and Nashbar trademarks and web domains for $1.245 million, and is planning to continue operating the online portion of those businesses.
K&B Investment Corporation, the fourth company in the Tiger Group, is a real estate investment firm that has ties to J&B Importers, the Miami-based bike and component distributor.