Evans Cycles has been sold to Sports Direct as part of a pre-pack administration.
It has been reported that as many as half of its UK stores are set to close, putting hundreds of jobs at risk.
Sports Direct founder and chief executive Mike Ashley said: "We are pleased to have rescued the Evans Cycles brand.
"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."
Evans has 60 branches across the UK and employs more than 1,000 people.