Cycle retailer could close with 226 jobs at risk
PUBLISHED: 10:23 16 March 2020 | UPDATED: 14:03 16 March 2020
Bike shop Cycle Retailer, with a store in Norwich, could be closing with up to 226 jobs nationwide in danger of redundancy.
The retailer, which has a store in Castle Quarter, is owned by Halfords which is looking at how to make its cycling business more profitable.
Halfords announced it is planning to close Cycle Republic, which has 14 stores nationwide including Norwich as well as eight more in London.
A spokesman from the Norwich Cycle Republic said he was expecting a conference call to discuss the matter but could not comment further.
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The decision to close it comes after Halfords did a review of Cycle Republic and found it was “low-returning and stock intensive,” it said.
It has promised to consult with the 226 people who work for Cycle Republic to try to “mitigate redundancies where possible”.
It is also actively exploring selling the business instead. Stores will close in the first half of next year if a buyer cannot be found.
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