The Pro’s Closet inventory, warehouse equipment to be liquidated at auction

LOUISVILLE — Louisville-based online used bike retailer The Pro’s Closet, which announced this month that it would cease operations after raising nearly $100 million from investors over the past decade-plus, is selling hundreds of items from its local bike-refurbishing center and warehouse in an online auction.

“The company is liquidating everything onsite including tools, equipment, bicycle parts, warehouse equipment, racking, electronics, office furniture, décor and other assets,” according to a news release from LocalAuctions.com, the company running the online auction. 

“This is an amazing opportunity for the general public, bike enthusiasts and other business owners,” LocalAuctions.com CEO Gabriel Prado said in the release. “Rarely does the public get a chance to bid on and purchase assets from a company like this.”

TPC was founded in Boulder in 2006 by Nick Martin, who began by selling unwanted bike gear on eBay. 

The Pro’s Closet in 2020 moved its headquarters from 2845 29th St., Suite C, in Boulder to 1900 Taylor Ave. in Louisville, which was formerly the North American headquarters for the outdoor brand Fenix, whose subsidiaries include Fjallraven.

“After 18 remarkable years of serving the cycling community, The Pro’s Closet (TPC) will close its doors in October,” the company said in an early October LinkedIn post. “Since our founding, we’ve had the privilege of helping over 160,000 customers find their perfect ride and have sold more than 46,000 bikes. It’s been a hell of a ride, and we couldn’t be more thankful to the customers, employees, and vendors who made this journey possible.”

The company, which capitalized on the pandemic-era outdoor-sports boom to boost sales, has raised more than $90 million in a number of fundraising rounds over the years, media reports show, including $5.5 million as recently as this January. 

The Pro’s Closet did not provide a reason for its closure on the LinkedIn post nor on a blog post on its website titled “So Long, and Thanks for the Ride.” 

The LocalAuctions.com news release said that “post-pandemic demand declined and economic conditions … forced the company to close its facility.”

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