Cycling clothing, accessories and equipment brand Evans Cycles is set to close three more stores this month, bringing the total number of closures to eight since the chain was bought by Sports Direct.
That number is relatively low considering that shortly after Sports Direct bought the chain out of administration for 8 million pounds (10.2 million US dollars) in October, owner Mike Ashley said he expected around half of Evan Cycles’ 62 stores to be shuttered as part of its turnaround plan.
The three London stores set to close this month are in Victoria, Crouch End and Mark Lane in The City. Stores in Brentford, Fulham, Holborn, Kendal and Spitalfields have already closed since the acquisition.
“Following the purchase of Evans Cycles by Sports Direct, we have been undertaking a detailed review of the store portfolio to ensure each store is profitable and sustainable long-term for the business,” Steve Trowbridge, chief executive of Evans Cycles, told the Press Association.
“The stores review process is now nearing a conclusion but unfortunately we have been unable to reach a satisfactory agreement with the landlords of our stores in Crouch End, Mark Lane and Victoria.”