Sports Direct owner Mike Ashley has taken control of all 61 of Evans Cycles stores. The troubled chain has been seeking £10m investment in recent months as reported in Bikebiz.
With falling profits the chain needed investment and restructure. Sports Direct have stepped in and is reported it will shut 31 stores as part of it’s restructuring.
Powabyke electric bikes were the first electric bikes the Evans chain stocked back in 2011 but it proved too early in the electric bike revolution and was greeted with cautious protest by instore staff. Evans pulled out of the electric bike market for a few years before returning amid increasing popularity and demand, and today electric bikes are a major source of revenue and profit for Evans Cycles.
Today 1300 members of staff will go about their day to day business awaiting any final decisions on branch closures.
“We are pleased to have rescued the Evans Cycles brand,” Sports Direct chief executive Mike Ashley said.
“However, in order to save the business we only believe we will be able to keep 50 per cent of stores open in the future.
“Unfortunately some stores will have to close.”