Performance Bicycle Bankruptcy
11-18-18, 02:54 PM
#29
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Might be worth a road trip to the Seattle area if they close any of the 4 stores there.
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11-18-18, 03:11 PM
#31
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I went by the local PBS today. Everything in the store 30% off, still looking like a normally stocked store. I chatted with one of the guys, I’m particularly interested in storage stands and racks and he wasn’t sure if this particular store would be selling that stuff and the workshop stuff. He thought that sometimes they ship it to other stores. They’ll be increasing the discounts over time but the store guy didn’t know what kind of time frame. The general ball park guess is about 12 weeks until final closing.
Im going to pop in every week or so. I picked up some clif shot gels and some tubes and lube today.
Im going to pop in every week or so. I picked up some clif shot gels and some tubes and lube today.
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11-18-18, 04:09 PM
#32
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..... the nature of greed of growth is about -physically- swallowing LBS territory, I really don't care what happens to Performance...….
…... For Performance to push over in that territory and build on a main street, nearly around the corner really is piggish. Meh, if they roll over.
…... For Performance to push over in that territory and build on a main street, nearly around the corner really is piggish. Meh, if they roll over.
11-18-18, 06:34 PM
#33
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I don't know. It looks to me like a messy bloody feeding frenzy where the top predators accidentally get eaten by the smaller ones. Its the direct result of the "we will not be undersold" mantra. I mean, I dunno if that was ever Performance's motto, but any merchant that lives by those words is putting growth ahead of sustainability. Niagara had great prices, and I was a repeat customer, but they couldn't pay their bills and that's that. Now Performance. Another one bites the dust. If they sell what I want, at a price that's below their cost, I will buy it. But it's not my fault if they can't keep the doors open by doing that.
11-18-18, 06:41 PM
#34
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Never did much with Performance, but Nashbar, I was into their catalog since high school. Sad to see them go, but I can't think of the last time I bought something from them, probably in the time of paper catalogs.
11-18-18, 07:08 PM
#35
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Getting to the nuts and bolts, company product line is mostly made outside of the US, and I'm sure we can easily pin where.
Next, private equity firms labeled as US corp or other can mask where the real backers are from.
Is Ideal Taiwan yet the parent of the discussed subject?
Nothing personal when you work for these company's, they make changes, dump workers, affect local businesses, etc.. Its only about the money.
Next, private equity firms labeled as US corp or other can mask where the real backers are from.
Is Ideal Taiwan yet the parent of the discussed subject?
Nothing personal when you work for these company's, they make changes, dump workers, affect local businesses, etc.. Its only about the money.
11-18-18, 07:25 PM
#36
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This is bad news. I love their Forte house brand, especially the GripTec Pro tape. I might have to pick up a few boxes of it. The Strada SL tires are fast and light too. I should clear out their shelves of that too.
11-18-18, 07:25 PM
#37
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Nashbar originally was a wholesale buyer of overstocks, slow or obsolences. The model changed and so forth decades later, Performance / another catalog mail order outfit/ acquires them.
Today's financial backers sit in the board'war'room and strategies where the next takeover is or pump themselves hoping they get a nice deal as they sell out.
As mentioned earlier, I really don't care what happens to them.
------------
Meanwhile and in the news from UK
London bike retailer Evans (established 1921)
Uh'oh
https://road-cc.cdn.ampproject.org/v...administration
Today's financial backers sit in the board'war'room and strategies where the next takeover is or pump themselves hoping they get a nice deal as they sell out.
As mentioned earlier, I really don't care what happens to them.
------------
Meanwhile and in the news from UK
London bike retailer Evans (established 1921)
Uh'oh
Nearly all Evans Cycles stores were profitable when chain entered administration
https://road-cc.cdn.ampproject.org/v...administration
Last edited by crank_addict; 11-18-18 at 07:44 PM.
11-18-18, 07:53 PM
#38
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I always thought their bike prices were quite good there but buying anything else there like clothes or parts prices were too high. Probably had to be to stay in business.
11-18-18, 09:05 PM
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Regarding brick and mortar LBS's.....
American Cyclery in SF, a shop known for adequately catering to C&Ver needs in my neighborhood (SF/Bay Area), had shrunk to half its size about a year ago, when they closed down the newer half of their store, across the street from their old one.
I hope the one half left will survive as they are my go to place for things like brake cables, cork bar tape and shifter cables with heads thst fit our older shift levers..... They can still dig up NOS stuff from their shelves like top tube brake cable clamps, drop out adjuster screws and they even sell some old, used components from their display cabinets. I even bought my first tubular tire sets from them a few years ago. I plan to keep going to them first if I need anything for my bikes.
Everybody seems to he struggling in the market. Not sure how or when things might look rosy again. Sure, buyer's market for us, but it still kinda puts a big damper on everything about the sport and hobby....
We also lost the big bike shop on Valencia Street and 19th, a couple of years ago. Another old store with similar C&V vibes as American Cyclery. The store actually moved to a much smaller shop some place else in the City, about quarter of its former size. I don't think it will be the same, but I guess I should really check them out anyway and give them my business as we just cannot keep losing these nice, old bike shops.
American Cyclery in SF, a shop known for adequately catering to C&Ver needs in my neighborhood (SF/Bay Area), had shrunk to half its size about a year ago, when they closed down the newer half of their store, across the street from their old one.
I hope the one half left will survive as they are my go to place for things like brake cables, cork bar tape and shifter cables with heads thst fit our older shift levers..... They can still dig up NOS stuff from their shelves like top tube brake cable clamps, drop out adjuster screws and they even sell some old, used components from their display cabinets. I even bought my first tubular tire sets from them a few years ago. I plan to keep going to them first if I need anything for my bikes.
Everybody seems to he struggling in the market. Not sure how or when things might look rosy again. Sure, buyer's market for us, but it still kinda puts a big damper on everything about the sport and hobby....
We also lost the big bike shop on Valencia Street and 19th, a couple of years ago. Another old store with similar C&V vibes as American Cyclery. The store actually moved to a much smaller shop some place else in the City, about quarter of its former size. I don't think it will be the same, but I guess I should really check them out anyway and give them my business as we just cannot keep losing these nice, old bike shops.
Last edited by Chombi1; 11-18-18 at 09:15 PM.
11-19-18, 06:02 PM
#41
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I guess the market pull I exerted a few months ago, by purchasing a slightly used Scattante second hand for my girlfriend, wasn't enough to keep them going... oh well.
11-19-18, 10:50 PM
#42
elcraft
I tried to do business with PB, but the jerked me around on obtaining a replacement part for one of their kiddie trailers. I never tried buying from them again. Nashbar, on the other hand, always worked with me. I have been a customer since they originally known as Bike Warehouse in the late Seventies ( Yeah, I know they are actually one company.....).
I have always utilized the LBS's in my area, though. I have a policy of buying tools, consumables and things that must be tried on from my local guys. I need them to be around for the odd things that I cannot or won't get into like re tapping crank threads or press fitting parts. In the Boston area, we are blessed with a number of better shops, many that cater to C&V, or commuter/workbike riders.
Still, it is distressing to see this contraction in an industry I enjoy. Unfortunately, this is a trend across retail in general. You can't try on shoes or clothing, nor examine the manufacturing quality of a product over the Internet. Yeah, yeah, we all know that one can order, try on/ try out a product and return if we don't end up happy with the product, but nothing will replace comparing items in hand, before committing to the sale.
I have always utilized the LBS's in my area, though. I have a policy of buying tools, consumables and things that must be tried on from my local guys. I need them to be around for the odd things that I cannot or won't get into like re tapping crank threads or press fitting parts. In the Boston area, we are blessed with a number of better shops, many that cater to C&V, or commuter/workbike riders.
Still, it is distressing to see this contraction in an industry I enjoy. Unfortunately, this is a trend across retail in general. You can't try on shoes or clothing, nor examine the manufacturing quality of a product over the Internet. Yeah, yeah, we all know that one can order, try on/ try out a product and return if we don't end up happy with the product, but nothing will replace comparing items in hand, before committing to the sale.
11-19-18, 11:41 PM
#43
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Regarding brick and mortar LBS's.....
American Cyclery in SF, a shop known for adequately catering to C&Ver needs in my neighborhood (SF/Bay Area), had shrunk to half its size about a year ago, when they closed down the newer half of their store, across the street from their old one.
I hope the one half left will survive as they are my go to place for things like brake cables, cork bar tape and shifter cables with heads thst fit our older shift levers..... They can still dig up NOS stuff from their shelves like top tube brake cable clamps, drop out adjuster screws and they even sell some old, used components from their display cabinets. I even bought my first tubular tire sets from them a few years ago. I plan to keep going to them first if I need anything for my bikes.
Everybody seems to he struggling in the market. Not sure how or when things might look rosy again. Sure, buyer's market for us, but it still kinda puts a big damper on everything about the sport and hobby....
We also lost the big bike shop on Valencia Street and 19th, a couple of years ago. Another old store with similar C&V vibes as American Cyclery. The store actually moved to a much smaller shop some place else in the City, about quarter of its former size. I don't think it will be the same, but I guess I should really check them out anyway and give them my business as we just cannot keep losing these nice, old bike shops.
American Cyclery in SF, a shop known for adequately catering to C&Ver needs in my neighborhood (SF/Bay Area), had shrunk to half its size about a year ago, when they closed down the newer half of their store, across the street from their old one.
I hope the one half left will survive as they are my go to place for things like brake cables, cork bar tape and shifter cables with heads thst fit our older shift levers..... They can still dig up NOS stuff from their shelves like top tube brake cable clamps, drop out adjuster screws and they even sell some old, used components from their display cabinets. I even bought my first tubular tire sets from them a few years ago. I plan to keep going to them first if I need anything for my bikes.
Everybody seems to he struggling in the market. Not sure how or when things might look rosy again. Sure, buyer's market for us, but it still kinda puts a big damper on everything about the sport and hobby....
We also lost the big bike shop on Valencia Street and 19th, a couple of years ago. Another old store with similar C&V vibes as American Cyclery. The store actually moved to a much smaller shop some place else in the City, about quarter of its former size. I don't think it will be the same, but I guess I should really check them out anyway and give them my business as we just cannot keep losing these nice, old bike shops.
I did not venture across any bridges to see what is the situation adjacent. Citizen Chain - I stumbled on their smaller shop, but it must be a hobby at present, no hours were kept, so was not able to buy anything. Their older shop was fun, they did have a Masi in the window currently, there must be a story there. Saw lots of folk on bikes - a fair number of C&V in "daily" use. Way, way too many adults appearing under 30 smoking... No good, no good but that is for a different forum.
11-19-18, 11:50 PM
#44
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Well I hope that doesn't turn out to be the case, might be that their store locations peaked with the market and now needs re-sizing, with the less-profitable stores being phased out. How they respond to the changing market going forward should be key.
Performance has likely pushed a good number of brick/mortar mom/pop stores past the brink, and now it's their turn to have to adjust their ambitions.
But it is interesting that mail-order based shops such as Performance, who might be presumed to be advantaged in today's online-shopping world, are themselves going under, just like so many LBS stores.
So I guess that site-to-store delivery isn't much help to their retail outlets.
Performance has likely pushed a good number of brick/mortar mom/pop stores past the brink, and now it's their turn to have to adjust their ambitions.
But it is interesting that mail-order based shops such as Performance, who might be presumed to be advantaged in today's online-shopping world, are themselves going under, just like so many LBS stores.
So I guess that site-to-store delivery isn't much help to their retail outlets.
Service can make it, for the near one man band shop.
The "mega stores" did do considerable damage to the smaller local bike shops.
Bicycle retail has always been a vulnerable sector, the profit margins on complete bikes is thin. the effort beyond the object is high, unbox, assemble, floor, after sale free service is the norm.
All for less than 40% gross markup. often in the mid 30's or less top line. Ouch.
11-19-18, 11:52 PM
#45
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I expect the Forte brand to expand beyond the PB chain.
11-20-18, 05:39 AM
#46
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I don't know. It looks to me like a messy bloody feeding frenzy where the top predators accidentally get eaten by the smaller ones. Its the direct result of the "we will not be undersold" mantra. I mean, I dunno if that was ever Performance's motto, but any merchant that lives by those words is putting growth ahead of sustainability. Niagara had great prices, and I was a repeat customer, but they couldn't pay their bills and that's that. Now Performance. Another one bites the dust. If they sell what I want, at a price that's below their cost, I will buy it. But it's not my fault if they can't keep the doors open by doing that.
11-20-18, 06:47 AM
#47
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During the -- too many -- years when I did not ride much, Performance was my first mail order (followed by online) source for tires. Since finding BF, I've found more sources here and forgot about Performance (I still wish BF maintained a comprehensive source list).
When Apple comes out with their bike, people will line up for hours gladly, just to get a flat fixed (probably on their proprietary 715mm wheel size).
When Apple comes out with their bike, people will line up for hours gladly, just to get a flat fixed (probably on their proprietary 715mm wheel size).
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11-20-18, 10:08 AM
#48
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If you think Apple is big today.... by scale RCA might have been even bigger.
Last edited by Dave Cutter; 11-20-18 at 10:12 AM.
11-20-18, 04:56 PM
#49
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Used to go to Performance pretty regularly and order from Nashbar online - got my first Brooks from the bargain/returns bin- but I pretty much order from Amazon these days and for repairs I am my own LBS pretty much.
11-20-18, 06:47 PM
#50
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Stop by Free Range, Recycled Cycles, or Bikeworks while you are in town! Great shops that deserve your dollar. I try to give them as much business as I can.