Home Business News Evans Cycles store closures after Sports Direct takeover

Evans Cycles store closures after Sports Direct takeover

by Sarah Dunsby
11th Mar 19 12:19 pm

Evans Cycles has announced three more stores are scheduled to close in London, as the company approaches the end of a review following the sale to Sports Direct, the Press Association revealed.

Stores in Crouch End, Mark Lane and Victoria will close on 22 March, Spitafields site in East London has already closed down.

This brings a total of eight store closures a significantly lower number than was initially feared when Mike Ashley’s company Sports Direct bought the business.

Evans Cycles was bought in a pre-pack administration deal last October, at the time Ashley said 62 stores could close threatening over 600 jobs.

Steve Trowbridge, chief executive of Evans Cycles said, “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.

“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.

“Where possible, we will redeploy staff based at these stores to other areas within the business.”

Trowbridge added, “In total, just eight store closures have been announced since the business was purchased.

“We are now turning our attention to returning to profitability and moving forward.

“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.”

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