The owner of Cycle Surgery has proposed a company voluntary arrangement (CVA) to its creditors.
Outdoor and Cycle Concepts, which has 115 stores across the UK and Ireland and also owns Runners Need, Snow and Rock and Cotswold Outdoor, is seeking to ‘close loss-making stores and cut rents’.
Earlier today, department store chain Debenhams named 22 of the 50 stores it plans to close.
In 2017, it emerged that Cycle Surgery would close six of its stores, with some being rebranded as Cotswold Outdoor stores. Cycle Surgery was founded in 1992 as a bicycle workshop in Islington by Stephen Swinton and Ben Cater.
Outdoor and Cycle Concepts is controlled by French private equity firm PAI Partners.