Six years after opening in the Tinseltown area, Performance Bicycle is closing after its parent company filed bankruptcy in late 2018.
A store representative said the location would close Jan. 26.
In December, liquidator Gordon Brothers announced it would begin store closing sales at 102 Performance Bicycle locations across the country after Advanced Sports Enterprises Inc. and several affiliates filed Nov. 16 for Chapter 11 bankruptcy reorganization in North Carolina.
Advanced Sports is based in Philadelphia. In August 2016, it bought Performance Bike, which was based in Chapel Hill, North Carolina.
Opening discounts were offered up to 40 percent on all inventory. Signs at the Jacksonville store at 4421 Southside Blvd. now show 70 percent off and that fixtures, furniture and equipment also are for sale.
“We expect merchandise to sell very quickly,” said Tim Shilling, Gordon Brothers managing director, in December. Boston-based Gordon Brothers works with retailers to dispose of assets.
Performance Bicycle, a specialty bike retailer, opened its Jacksonville store in 2013 in the former David Gates Golf Headquarters building. It was bought by ASE two years ago.
Property owner David Gates, who is based in Ponte Vedra, posted a sign that the 10,260-square-foot store is available for lease.
The Bloomberg financial reporting service said the U.S. Bankruptcy Court on Dec. 7 approved bidding procedures for the assets of Advanced Sports Enterprises. Bids were due Jan. 11 and an auction was scheduled this week. A sale hearing is scheduled Jan. 22.
That indicates a buyer could buy the assets of the business out of bankruptcy.
