The retailer was sold to Sports Direct last month

Evans Cycles is set to close stores despite "almost all" of them being profitable, The Telegraph reports.

Last month it was reported that half of its UK stores could close after it was sold to Sports Direct as part of a pre-pack administration.

Evans Cycles, which is owned by the private equity firm ECI Partners, is being advised by PricewaterhouseCoopers (PwC).

According to The Telegraph, an administrator's proposals document revealed that PwC concluded “almost all the stores were profitable” but the company was “burdened” by fixed costs at its head office.

Evans has 60 branches across the UK and employs more than 1,000 people.

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