UK retailer Halfords has announced its plans to wind down its cycling businesses, resulting in the closure of Cycle Republic and Boardman stores. This decision comes after a strategic review conducted by the company. However, Halfords’ online cycling destination, Tredz, will continue to operate without any changes.
Cycle Republic offers a wide range of products including bikes, bike components, accessories, and cycling clothing such as jackets, vests, base layers, shorts, and shoes. It is a well-known store for cycling enthusiasts. On the other hand, Boardman is a brand that has received numerous awards for its bicycles.
To minimize the impact on employees, Halfords has initiated a consultation process with the 226 staff members who will be affected by the proposed closures. All Cycle Republic and Boardman stores will be closed down in the first half of 2021.
Graham Stapleton, CEO of Halfords, expressed his gratitude towards the Cycle Republic colleagues for their hard work and dedication in serving customers. He stated, “The board has made the difficult decision to propose the closure of Cycle Republic, our retail store-focused performance cycling brand. We are now in a consultation period with affected colleagues to find ways to reduce redundancies.”
Halfords clarified that the closure of Cycle Republic was driven by the challenging economics of operating a store-based performance cycling business. This type of business had low returns and required a substantial amount of inventory. Despite the closure, Halfords will still cater to the enthusiast cycling market through Tredz, which primarily operates online.
As of now, Halfords has not provided any specific details about the reasons behind the closure or any future plans for the brand. However, the company’s focus seems to be directed towards the online platform, where it believes it can effectively serve the cycling market.