THORNTON, Colo. (BRAIN) — The Pro's Closet has sold its first bike under its new ownership, the used-bike retailer announced Thursday.
The retailer closed in October after 18 years in business and it assets were assigned to a California ABC (Assignment for the Benefit of Creditors) organization. After selling its inventory and facility assets at auction, Elshair Companies, a private investment firm, acquired TPC’s digital assets including its trademarks, website, software and customer database.
Elshair has hired several former managers from the prior ownership, including Jonathan Czaja, who is again the CEO. Czaja served as CEO under the prior owners from November 2023 until the closing in OCtober 2024. Justin England, who was with TPC for 15 years, most recently as head of purchasing, is the new company’s Chief Revenue Officer; JP Gage, who was with TPC for about 12 years, most recently as operations manager, is the new company’s Chief Operating Officer. Jay Bargayo, senior director of growth under the prior ownership, has returned as head of marketing.
The new owner has leased a warehouse in Thornton and is now buying and selling used inventory. The operators call the business "TPC 2.0."
"TPC will continue to offer the easiest and most secure way to buy and sell bicycles online while also expanding its offering to enable sellers to sell their bikes on consignment. TPC’s new consignment offering is designed to maximize payouts to sellers while continuing to provide buyers with the safety and convenience that they’ve come to expect from TPC. Every consignment bike will be thoroughly inspected, refurbished, and certified just like any other TPC bike to ensure that it's not stolen and is operating in like-new condition," the company said in a press release Thursday.
The retailer will renew its Dealer TradeUp Program and Dealer Portal for bike shops looking to offer trade-ins. "The local bike shop is an essential part of the bike industry, and TPC is eager to help shop owners survive and thrive in this challenging bike market," it said.
The Pro's Closet closed on close to $100 million in investment, much of it coming during the COVID pandemic bike sales boom. The new owners said they are now operating more frugally.
"TPC 2.0 is committed to right-sizing its cost structure and unwinding many of the excessive expenditures that it made during the COVID bike boom to ensure that the company is around for many years to come," the release said.
Czaja said “As we look toward the future, our focus is on staying lean, scrappy, and sustainable without compromising the premium experience that we’re known for.
“Our Dealer TradeUp program will connect more riders with local shops, and our new consignment option will ensure that cyclists get top value for their bikes. We’ve been given a rare opportunity to reboot this iconic brand, and we look forward to preserving and enhancing this business for everyone who shares our passion for cycling.”
