Planet Cyclery, once a popular name in online cycling gear, is now shutting down. As online shopping has become more crowded and competitive, many businesses like Planet Cyclery have struggled to keep up. In this article, we’ll look at the history of Planet Cyclery, the news of its closure, and the main reasons why the company decided to close its doors.
Planet Cyclery Overview
Planet Cyclery was founded in 2007 as an online retailer specializing in bicycles, accessories, and gear for cycling enthusiasts. It quickly gained a reputation for offering a wide selection of high-quality products at competitive prices.
In late 2021, Planet Cyclery merged with Colorado Cyclist, a company that has been serving the cycling community since 1977. Together, they aimed to create a one-stop shop for all their customers’ cycling needs.
Is Planet Cyclery Going Out Of Business?
Yes, it’s official: Planet Cyclery and Colorado Cyclist are closing up shop. In April 2024, both websites began promoting a “Closing Sale,” offering deep discounts on all remaining inventory.
B. Riley Retail Solutions, a well-known liquidation firm, is handling the total selloff of merchandise from both retailers. Customers can expect to find incredible deals on bikes, components, apparel, and more as the companies look to clear out their stock.
Reasons For Closure
So, why are Planet Cyclery and Colorado Cyclist shutting down? According to sources, the decision to close is largely due to increased competition in the online retail space.
In recent years, the cycling industry has seen a surge in e-commerce sales, with more and more customers opting to shop online rather than in brick-and-mortar stores. This shift in consumer behavior has put pressure on traditional retailers like Planet Cyclery and Colorado Cyclist.
Despite their best efforts to adapt and stay competitive, the companies ultimately decided that closing was the best course of action. It’s a tough blow for the cycling community, but it reflects the changing landscape of retail in the digital age.
Closure Impact On Customers
If you’re a loyal Planet Cyclery or Colorado Cyclist shopper, the closure announcement likely came as a shock. These retailers have been go-to sources for premium cycling products for years.
The good news is, you can still snag some incredible deals during their liquidation sales. B. Riley Retail Solutions is managing the sell-off of all remaining inventory at massively discounted prices. It’s your last chance to buy from these beloved stores, so don’t miss out.
However, once the liquidation ends in a matter of weeks, customers will need to find new places to shop for their cycling needs. Competitors like Competitive Cyclist, Jenson USA, and REI are likely to benefit from Planet Cyclery’s closure as shoppers look for alternatives.
How Employees Are Affected?
Of course, the closure of Planet Cyclery and Colorado Cyclist is devastating news for their employees. Hundreds of people will be losing their jobs, from warehouse staff to customer service reps to executives.
Layoffs are always difficult, but they’re especially painful in our current economic climate. Here’s hoping the talented Planet Cyclery team is able to find new opportunities quickly. Their expertise will surely be an asset wherever they land.
The Liquidation Sale
As mentioned, B. Riley Retail Solutions is overseeing a total liquidation of Planet Cyclery and Colorado Cyclist’s inventory. This is your chance to score some amazing deals, with discounts up to 70% off.
The sale includes everything from complete bikes to parts, accessories, apparel, shoes, and more. Top brands like Santa Cruz, Yeti, Shimano, Giro, and Pearl Izumi are all heavily marked down.
Quantities are limited and items are selling fast. If you see something you want, don’t hesitate because it may not be there tomorrow. Most sales are final, but you can still take advantage of manufacturer warranties.
Financial Health
So what led to Planet Cyclery and Colorado Cyclist’s demise? According to Velo, the holding company owned by Sterling Partners, it was a matter of increased competition.
The online cycling retail space has gotten crowded in recent years. With major players like Backcountry and Amazon upping their game, it became harder for smaller shops to stay profitable.
Despite their best efforts, Planet Cyclery just couldn’t keep up. The numbers didn’t make sense anymore, and Sterling Partners decided to cut their losses. It’s a stark reminder of how challenging the retail environment has become.
Conclusion
The closure of Planet Cyclery and Colorado Cyclist is a sad moment for many cyclists who relied on these stores for their gear. Despite their efforts to stay competitive, they couldn’t keep up with the growing competition in online retail. This closure is a tough loss, especially for the employees and loyal customers.
However, the liquidation sale offers a final chance to grab great deals before the stores are gone for good. As the cycling world moves on, this situation highlights how challenging it can be for businesses to survive in today’s market.
