Halfords to wind down Cycle Republic chain including sites in Edinburgh and Glasgow
Halfords has announced plans to close its Cycle Republic chain of stores, which includes two branches in Scotland, putting 226 jobs at risk.
The retailer said it will shut all 22 outlets, including sites on Edinburgh’s Morrison Street and Glasgow’s Bothwell Street, and its performance centre site in Evesham as it looks to focus on its online cycling business, Tredz.
It said it expects the closures, which are due to complete in the first half of the next financial year, will cost the firm between £25 million and £35m. Halfords said it is looking to mitigate redundancies where possible and is “also actively exploring opportunities to sell the sites as a going concern”.
The Cycle Republic business was “low-returning” and “stock intensive”, the group said, meaning the exit will free up investment and resources to drive into its motoring business.
It said it will continue to invest in cycling through the online-focused Tredz business and its Halfords retail cycling arm.