LOUISVILLE, Colo. (BRAIN) — The Pro's Closet has made its second round of layoffs in the past three months on Thursday, the result of continued economic headwinds facing the cycling industry.
The company that began in 2002 as an eBay store for pre-owned bikes and quickly expanded in size and workforce did not say how many employees were affected. In October, The Pro's Closet reduced its workforce by 15%.
"We're facing the same macroeconomic forces and industry inventory issues affecting many others in the cycling industry," CEO John Levisay said in a statement to BRAIN on Friday. "While cuts of this nature are extremely difficult, these measures will ensure our continued long-term success by positioning TPC to weather the current economic conditions."
In May 2021, economic conditions were considerably brighter, with TPC announcing it raised an additional $40 million in Series B funding that would be used to grow its workforce, along with 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 previous 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 TPC Louisville Company Store was added, touting itself as "The Metro Area's Largest Bike Store" with a collection of new and certified pre-owned bikes, parts, apparel, and accessories. The store plans to add a full-service shop.
