50% of Evans Cycles stores set to close
Posted on in Business News , Cycles News
Evans Cycles was sold to Sports Direct last month.
Despite almost all of the Evans Cycles stores being profitable, it is reported that it is set to close.Evans Cycles has 62 shops and employs 1,300 people but Sports Direct has said that only half of its stores can be kept open. Mike Ashley has cut hundreds of Evans Cycles jobs against the advice from the chain's administrator.
According to The Telegraph, a proposal document revealed that PricewaterhouseCoopers (PwC) concluded that, "almost all the stores were profitable" but the company was "burdened" by fixed costs at its head office.
