ASE, owner of Performance Bicycle and ASI, files for Chapter 11 bankruptcy

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Ross
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ASE, owner of Performance Bicycle and ASI, files for Chapter 11 bankruptcy

Postby Ross » Sat Nov 17, 2018 8:48 am

https://www.bicycleretailer.com/industr ... chapter-11

CHAPEL HILL, N.C. (BRAIN) — Advanced Sport Enterprises, the 2-year-old company that is parent to the Performance Bicycle retail chain, Bike Nashbar and distributor ASI, filed 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.

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, Phat and Tuesday Cycles, and the component brand Oval Concepts. The entire organization has 1,944 employees, including 1,662 who work for the Performance retail operation.

Patrick Cunnane, the CEO of ASE, said the ASI distribution business is profitable but the company was unable to turn around the retail business, which has seen sales declines for the last six years.

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