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Here’s the article though:
Used bike retailer The Pro’s Closet shuttering after raising $90 million
Thomas Gounley
3–4 minutes
A Louisville-based company that sought to create a national market for high-end used bicycles, and which raised nearly $100 million from investors, is closing up shop.
The Pro’s Closet said in a news release last week that it will cease operations this month.
The company did not give a reason for the closure, and CEO Jonathan Czaja did not respond to a Tuesday email. He told BusinessDen earlier this year that The Pro’s Closet — which expanded aggressively in recent years — was experiencing a slowdown following a pandemic surge.
“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 said in January. “The entire industry had this growth.”
The Pro’s Closet was founded in Boulder 18 years ago by pro mountain biker Nick Martin, who led the company until 2020, giving way to company board member John Levisay. Levisay stepped down in the spring of 2023 and was replaced months later by Czaja.
The Pro’s Closet sought to take used bike sales — traditionally a local market facilitated by bike shops and sites like Craigslist — and go national. It bought high-end bikes directly from owners and refurbished them before reselling them.
Czaja previously compared the arrangement to the “certified pre-owned” used car market.
“If you’re trying Craigslist or Facebook Marketplace, you never quite know what you bought and what you’re getting until you get home and ride it,” Czaja said in January. “And even then it’s hard to tell.”
The Pro’s Closet website now advertises a “Going Out of Business Sale” with discounts as great as 90 percent.
Czaja told BusinessDen in January that the company had about 80 employees and raised more than $90 million from investors. Investors included Boulder-based Foundry Group and Ridgeline Ventures, and out-of-state firms Edison Partners and The Chernin Group.
In 2023, Czaja said, the company sold 10,000 bikes, with buyers in every state and Canada. He declined to disclose revenue figures, beyond saying it was in the tens of millions in 2023 and had returned to pre-COVID figures.
In 2021, The Pro’s Closet moved from Boulder to an approximately 130,000-square-foot facility at 1900 Taylor Ave., with both office and warehouse space. While much of the company’s sales took place online, local buyers were able to visit and take test rides.
There were signs of struggles. In October 2022, The Pro’s Closet cut 15 percent of its staff, citing “macroeconomic headwinds,” according to Bicycle Retailer and Industry News. Three months later, the company cut more staff.
In announcing its closure, The Pro’s Closet — tagline: “Bikes are meant to be used” — said it had sold 46,000 bikes over its existence.
The Denver post’s page reloaded itself and then told me I was over my view count and need to subscribe. As my thumb moved to the X, the page reloaded again to load me an ad.
You need Firefox + Ublock Origin my friend, the web has become an ugly place.
Here’s the article though:
Used bike retailer The Pro’s Closet shuttering after raising $90 million Thomas Gounley 3–4 minutes
A Louisville-based company that sought to create a national market for high-end used bicycles, and which raised nearly $100 million from investors, is closing up shop.
The Pro’s Closet said in a news release last week that it will cease operations this month.
The company did not give a reason for the closure, and CEO Jonathan Czaja did not respond to a Tuesday email. He told BusinessDen earlier this year that The Pro’s Closet — which expanded aggressively in recent years — was experiencing a slowdown following a pandemic surge.
“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 said in January. “The entire industry had this growth.”
The Pro’s Closet was founded in Boulder 18 years ago by pro mountain biker Nick Martin, who led the company until 2020, giving way to company board member John Levisay. Levisay stepped down in the spring of 2023 and was replaced months later by Czaja.
The Pro’s Closet sought to take used bike sales — traditionally a local market facilitated by bike shops and sites like Craigslist — and go national. It bought high-end bikes directly from owners and refurbished them before reselling them.
Czaja previously compared the arrangement to the “certified pre-owned” used car market.
“If you’re trying Craigslist or Facebook Marketplace, you never quite know what you bought and what you’re getting until you get home and ride it,” Czaja said in January. “And even then it’s hard to tell.”
The Pro’s Closet website now advertises a “Going Out of Business Sale” with discounts as great as 90 percent.
Czaja told BusinessDen in January that the company had about 80 employees and raised more than $90 million from investors. Investors included Boulder-based Foundry Group and Ridgeline Ventures, and out-of-state firms Edison Partners and The Chernin Group.
In 2023, Czaja said, the company sold 10,000 bikes, with buyers in every state and Canada. He declined to disclose revenue figures, beyond saying it was in the tens of millions in 2023 and had returned to pre-COVID figures.
In 2021, The Pro’s Closet moved from Boulder to an approximately 130,000-square-foot facility at 1900 Taylor Ave., with both office and warehouse space. While much of the company’s sales took place online, local buyers were able to visit and take test rides.
There were signs of struggles. In October 2022, The Pro’s Closet cut 15 percent of its staff, citing “macroeconomic headwinds,” according to Bicycle Retailer and Industry News. Three months later, the company cut more staff.
In announcing its closure, The Pro’s Closet — tagline: “Bikes are meant to be used” — said it had sold 46,000 bikes over its existence.