LOUISVILLE, Colo. (BRAIN) — The Pro's Closet laid off 15% of its workforce last week, the certified used bike and component retailer confirmed to BRAIN on Monday.
"As reported in mainstream and industry press, the economy and cycling industry have faced macroeconomic headwinds, and as a result, TPC made the difficult decision to rightsize our workforce," said CEO John Levisay in a statement to BRAIN. "We continue to stay optimistic for the future and have seen year-over-year growth. These cuts, while extremely difficult, enable TPC to remain nimble and competitive while building a strong foundation for continued success."
TPC quickly expanded in size and workforce since beginning in 2006 as an eBay store. In May 2021, TPC announced it raised an additional $40 million in Series B funding that would be used to grow its workforce, among fulfilling other goals. That announcement followed TPC reporting the doubling of first-quarter sales year-over-year. It reported then that revenue more than quintupled in the past two years.
In January 2021, TPC moved from its 24,000-square-foot Boulder, Colorado, location to the 137,000-square-foot Louisville facility. The former North American headquarters for Fjallraven outdoor equipment, the Louisville site features 40,000 square feet of office space and 24 shipping bays.
In 2020, Nick Martin, who started TPC out of a VW bus, stepped down as CEO but remained part of the leadership team as Levisay, who previously was part of the TPC board since 2016, succeeded him.
