Once the world’s largest retailer of pre-owned bicycles, The Pro’s Closet (TPC) announced last week it was going out of business. In a LinkedIn post from Sept. 26, the Colorado online retailer revealed that it would cease operations “[a]fter 18 remarkable years of serving the cycling community.”
As of this writing, the once-thriving marketplace now has just seven bikes left to sell, along with a smattering of components, accessories, and gear. GearJunkie attempted to contact TPC for comment, but multiple phone calls went unanswered and the site’s help chat had been turned off.
The closure comes after an industry-wide whiplash. Booming demand during a pandemic-fueled bike craze decimated suppliers, which led to vacated orders, lagging timelines, and ultimately, a precipitous drop in sales.
The Pro’s Closet: Where It Started
As the name suggests, TPC started in 2006 in the back of Nick Martin’s VW Bus. Martin was pursuing a pro cycling career, getting by not only by living in the bus but also by selling his used racing gear on eBay.
He began selling used gear for his teammates and other local cyclists and continued his eBay auctions for years. Eventually, Martin’s business became the largest bike seller on eBay. With employees and warehouses, TPC grew into a legitimate business from its humble beginnings.
In 2018, TPC launched an e-commerce website and the industry’s first Certified Pre-Owned (CPO) program. This meant that TPC inspected, serviced, and guaranteed every bicycle sold on its platform.
COVID Boom
The COVID-19 pandemic started in 2020, and like much of the bike industry, sales skyrocketed. Founder Martin stepped down as CEO and was replaced by board member John Levisay, who was replaced by Jonathan Czaja in 2023.
“Everyone wanted a bike during COVID because they were all trapped inside in Zoom calls and wanted to get out and experience the outdoors,” Czaja told Business Den in January. “The entire industry had this growth.”
In the fall of 2020, TPC announced it raised $12 million, bringing the total raised to more than $27 million. The Colorado brand also stated that it had over 130% year-over-year topline revenue growth at the time and expected the same in 2021.
TPC moved from Boulder, Colo., to neighboring Louisville, into the former North American headquarters of Fjallraven. This expansion gained TPC a 137,000-square-foot facility that included 40,000 square feet of office space and 24 shipping bays.
“Since its founding in 2006, The Pro’s Closet has redefined the secondary bicycle market, working to lower barriers for purchasing pre-owned bikes and components. An unparalleled selection of high-quality road, mountain, gravel, cyclocross, triathlon, and e-bikes coupled with innovations like Certified Pre-Owned, Guaranteed Buyback, and Carbon Frame Warranty continue to differentiate TPC and drive customer loyalty,” stated Chris Moody, Partner at Foundry Group, regarding his company’s cash infusion.
In May 2021, TPC announced that Series B funding generated an additional $40 million in funding.
“We’re extremely excited to use these funds to develop even more highly compelling experiences and services for our customers,” said Levisay. “We believe that we can advance that goal by expanding our teams and capacity to help more enthusiasts buy and sell bikes.”
Signs of Trouble
In 2021, The Radavist, a popular cycling website, merged with TPC. However, 2 years later, TPC returned The Radavist to its founder, John Watson. At the time of the transition, Watson stated, “The decision to return the brand back to John was made after TPC’s latest round of strategic planning and the efforts to double down on the brand’s core retail business and TPC messaging.”
The Radavist also launched its own pre-owned sales platform dubbed “Rad Bazzaar.”
In October 2022, TPC announced a 15% reduction in its workforce.
Fast-forward to Sept. 16, 2024, when TPC announced its “End of Season Sale.” Industry insiders gawked at the vast volume of inventory on sale and the steepness of the discounts. Everything on the site was on sale. However, the fine print stated that sales would be “final sale” and thus nonreturnable.
TPC applied further markdowns, and inventory plummeted. During this time, TPC paused its bike service shop and the acquisition of new bikes.
A former TPC employee told The Escape Collective, “Bottom line, if they don’t find a buyer in the next month to six weeks, literally the pieces will be sold at auction.”
Nail in the Coffin
On Thursday, Sept. 26, a LinkedIn post revealed that TPC would close in October.
“This has been an extraordinary chapter in the world of cycling, and we’re incredibly grateful to everyone who has been a part of it,” said Czaja in the post. “From our dedicated team to the loyal riders and industry partners, your support allowed us to grow and create a lasting impact. While this is the end of the road for TPC, as it operates today, we are proud of what we’ve accomplished together.”
It’s unclear when the site will officially shut down.
