Halfords to close two cycling businesses
Halfords has announced that it is to close its Cycle Republic and Boardman Performance Centre cycling businesses following a strategic review.
In a statement, the company said the move means it can free up investment and resources for its services focused strategy.
Meanwhile, Halfords will continue to serve the cycling market through its predominantly online cycling business, Tredz.
The company has now launched a consultation process with the 226 staff affected by the plans but is looking to mitigate redundancies where possible. It is also actively exploring opportunities to sell the sites as a going concern. Subject to the outcome of current negotiations and consultations, the stores are expected to close during the first half of the 2021 financial year.
Graham Stapleton, chief executive of Halfords, said: “The board has come to the difficult, but necessary, decision to propose the closure of Cycle Republic, our retail store-focussed performance cycling brand.
“Going forward we propose to focus our investment and resources in Halfords and Tredz, through which we will deliver market-leading specialist propositions for both mainstream and enthusiast cyclists via a business model that improves our overall economics.”
