MINNEAPOLIS (BRAIN) — Twin Cities retailer Penn Cycle plans to close its six locations Monday evening; they will reopen Friday under the Freewheel Bike name, according to a Facebook post by Penn Cycle's owner, Pat Sorensen. Freewheel Bike currently has three locations in the area.
The Twin Cities Biz Journal had reported earlier this month that Penn Cycle was deep in debt to Trek Bicycle and that Pat Sorensen's four siblings were squabbling over how to proceed. Pat Sorensen, whose parents founded the company, owns the business while several of his siblings own the real estate, which the bike store leases, according to Biz Journal. Pat Sorensen had proposed renegotiating the leases because of the business downturn, which led to a lawsuit filed in September.
In the Facebook post Monday, Sorensen said, "After a great deal of consideration, we've decided that the time has come to take a new and exciting step. We've found a partner in Freewheel Bike, who will take what we've created here at Penn Cycle and build on it, continuing to serve our community in even bigger and better ways while sticking to the same core principles of treating people like family and delivering outstanding customer service.
"We're confident Freewheel Bike will immediately become a central support network for all cyclists in our community. While there may be some changes, we hope you find them as exciting as we do and know we are leaving you in good hands."
Sorensen said customers may use any Penn Cycle gift certificates or in-store credit until April 3. The retailer planned a "Last Lock" event Monday evening at 7 at its location at 6824 Penn Ave South in Minneapolis.
