This month, three more stores of Evans Cycles are set to close as the chain approaches the end of a review process after its sale to Sports Direct.
The stores are all in London, located in Crouch End, Mark Lane, and Victoria in The City. They are scheduled to shut down on the 22nd of March.
One site that is located in Spitalfields, East London has already closed.
The new store closures bring the total number of closures to eight, including the previously announced shops that are located in Fulham, Brentford, Kendal, and Holborn.
The number of store closures is considered to be significantly lower than what was initially dreaded when the Sports Direct, owned by Mike Ashley, acquired the business in a pre-pack administration deal last October.
At the time, the retail tycoon said that as many as half of the 62 stores could shut down, putting more than 600 jobs at risk.
In an interview, the chief executive of Evans Cycles, Steve Trowbridge, said that the closure process was now nearing a conclusion.
He stated: “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.”
He added: “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.”
He continued: “Where possible, we will redeploy staff based at these stores to other areas within the business.”
Trowbridge added that the chain currently has new openings in its sights.
He stated: “In total, just eight store closures have been announced since the business was purchased.”
He added: “We are now turning our attention to returning to profitability and moving forward.
He noted: “Overall, this is now a period of growth for Evans Cycles as we look to improve our performance and focus on new store openings – two sites in Shirebrook and Glasgow are due to open in the next two months.”
The branch in Shirebrook will be conveniently located for the new owner of the company as the Derbyshire town is also the home of the head office of Sports Direct.