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.
ASE, owner of Performance Bicycle and ASI, files for Chapter 11 bankruptcy
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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
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Re: ASE, owner of Performance Bicycle and ASI, files for Chapter 11 bankruptcy
Postby Ross » Tue Feb 05, 2019 5:25 am
Tiger Group wins bid to buy ASE assets
https://www.bicycleretailer.com/industr ... ase-assets
https://www.bicycleretailer.com/industr ... ase-assets
GREENSBORO, N.C. (BRAIN) — A group of four companies called the Tiger Group submitted the winning bid to buy the assets of Advanced Sports Enterprises for just over $23 million on Friday. A bankruptcy judge approved the bid at the end of a roughly 8-hour hearing; a sales closing is expected Tuesday.
The group includes:
Tiger Capital Group LLC, a well-known liquidator that is currently selling 798 Gymboree and Crazy 8 retail locations. Last year it helped liquidate 735 Toys R Us stores.
Advanced Holdings Co. LTD, a private equity firm based in Hong Kong, which specializes in investing in Asian and international companies. Advanced Holdings has ties to the owner of Ideal Bike and is a secured creditor of ASE. Advanced Holdings loaned $7 million to ASE in 2017.
Amain.com, Inc., the parent company of Amain Hobby and Amain Cycling, an e-commerce retailer with a brick & mortar location in Chico, California.
K&B Investment Corporation, a real estate investment company connected to the Miami-based distributor J&B Imports.
Tiger Capital Group and Advanced Holdings Co. LTD jointly formed BikeCo, LCC, the firm that submitted the winning bid along with Amain and K&B.
BikeCo agreed to purchase the assets of ASE's wholesale business, ASI, including its bike trademarks (which include Fuji, Kestrel, Breezer and SE) and wholesale business, while Amain will buy the Performance and Nashbar e-commerce businesses including web domains, and trademarks for the two brands and their house P&A brands.
Separately, Specialized has agreed to buy the Roubaix bike trademark from ASE for $700,000.
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