THE PRO'S CLOSET is SHUTTING DOWN!!!
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Always sad to see someone in the same industry struggle and go out of business, Lets see what happens for the rest of the 2024 bike year
1:44 "It's not anything they're doing wrong." But, I think you stated what they did wrong. Something they did was wrong or they wouldn't be going out of business, right?
@@scottkoehler9389what I tried to get across is like it’s not like there business model is failing and there not making sales happen. Just the market is not there right now. So costs are adding up. “Death by 1000 cuts” that they didn’t forsee
@@GCPerformance18 Sad for those losing jobs.
The industry is basically stagnant right now. From the top to the consumer. People are looking and seeing that bicycle they want but is WAY out of their budget. When bicycle prices drop even further, then inventory will start to move. The only "Branch" that is moving is the commuter market and that's a slow drip compared to 2020/2021.
I’m not..I’ve bought a lot from them..maybe 30k or more when they were strictly an eBay store
Then they left eBay and during Covid they just gouged people with on bikes..mostly bikes priced at new retail prices…so gfy Pros Closet
Absolutely not surprised at all. They were literally the GameStop of bikes. Terrible trade in values and high priced bikes that no one wants nor could afford.
As a newer rider, I opened up the site and immediately went elsewhere. Wound up spending hundreds at Jensens and 365 both.
I'll second that.
Funny you say that because GameStop is actually profitable.
@@bpisanagreed. I literally was gonna edit my comment earlier but I got lazy. 🤦🏾♂️
100%
They can't sell the bikes for less than what they are asking? Cause they were always ridiculously high priced.
Never saw a price for a used bike there that was significantly less than a new bike. Terrible business model. Spend a tiny bit more and you get a bike from a local dealer with mechanic support? no brainer.
Good riddance... terrible company. Offer pennies for premium products, sell it for damn near premium prices. If the product was misrepresented they basically told you pound sand.
This is NOT sad this is GREAT news!!! Screw the Pros Closet. They were the worst offenders when it came to price gouging during Covid. They were flying high and treated me like total crap when I tried to deal with them twice. I've been waiting 4 years for this GOOD news!!! Sorry GC Performance these guys are pricks!!!
I’ve never known so many people to walk away from a sport than I have recently in road cycling! Shops in the uk struggling, events struggling to get interest, cycle clubs at lowest numbers in years! Manufacturers aren’t helping themselves with pricing and crap quality control.
It’s obvious that races can’t get half the field size they used to. I’m just happy to maintain my fleet of 10yr old rim brake bikes and continue putting in the miles
Many events are literally pricing themselves out of business. I know of a world famous event that has gone from 50 USD to 200 USD. They broke even last year, but may not this year. It's the underlying event costs that are causing the issue. One piece, safety barricades, has gone up five times in cost. Add in a recent prohibition on using on-duty police to provide traffic enforcement and that added less officers and higher all around costs. Some events have closed down for these reasons. We will see other world class events disappear because people can't or won't pay the price to put them on.
Their inventory is really low, so there is not a reason to worry about flooding the market. At this point it’s just scraps.
Guess what gc? No one feels bad
Damn right!!! Worst company in the cycling business I've ever dealt with!!!
you are entitled to that, I work in this industry, this is my feeling
Terrible business practices in my experience shopping with them. I wouldn’t hire any talent from there either. This is music to my ears - see ya!
Their greed during Covid literally destroyed their business in the end!!!! Screw them!!!
The prices are crazy
Sounds like carvana, but with bikes
yup
I always thought they were priced too high.. ESPECIALLY in a declining market. Now they have to cash in their remaining chips.
VC takes out another one! When you get influx of $40M, that ROI requires alot of bikes sales at higher margins customers were not willing to pay.
Probikekit closed first.
They only have 46 bikes left in inventory. That's not a flood.🤦♂️
I think there are a good amount not listed, they wouldnt go out of business if they had profit from all the inventory in there
"Giving too much for bikes". That's laughable.
during 2020 and 2021
GC Performance you are losing credibility with your take on this. TPC NEVER gave anyone more than their bike was worth!!! Actually the opposite both me and two of my friends experienced. They got greedy during Covid and it's come back to bite them in the ass and I hope we never hear about them again.
I sold them two bikes during Covid, and they were very generous. I think the level of their offers depended greatly on how desirable of a model you were selling.
I mentioned in this video, I had customers come into my store and got an offer for there 2022 pinarello dogma f with sram red and got offered 3000, and also I said and this is proof that in covid times whent here was no inventory they were giving out offers for bikes over what the bike was worth in a current used market, how is that loosing credibility, did you talk to anyone selling a bike to them in 2020 or 2021, wouldnt you think the guy who worked the industry that entire time would use them as a tool to have new customers sell bikes to them and buy bikes from us? I mentioned towards the end your experience that you and your friends had was what everyone was getting towards the end thats why we started using cycle limtied because the values were fair
sad truth... the economics matter
I checked and even the closing out specials are expensive
yea I was really suprised by that too they didnt seem like wow deals lol
@@GCPerformance18 😂
exactly!!!!
They should have called themselves the Pros Rip Off!
Where the hell did the inventory they had go? None of its 75 percent off. Somebody bought a good chunk of it. They had to.
Sucks to suck. Lowballer extraordinaires.
I never bought anything from The Pros Closet. I thought the prices were to high and if I was going to pay I was just going to get New. Used is used and that means get it cheap. TPC wasn't doing anyone any favors in a meaningful way. I quit buying from eBay because sellers are asking too much. Most listings that offer the "Make Offer" option won't come down more than a couple of dollars, it's a joke. If they won't accept what I feel the item is worth they can keep it and keep paying listing fees to eBay.
I purchased my last two bikes from frame builders here in the US. Their pricing was actually lower than buying a brand bike and the bikes were custom fitted to me. 😉😉👍🏼👍🏼
yea it seemed very turn and burn kind of flip without the value of low prices, they were selling bike shop bike prices with little support
GC: "THE PROS CLOSET is SHUTTING DOWN!!!"
That gives new meaning to 'getting out of the closet'.
Ridiculous prices for bikes with “scratches on the chain stay” etc… and they lowball the crap out of you when offering them a bike. I’m surprised it took this long for them to go under
Lol no wonder XD. They were asking same money for used bikes as new on sale XD
I will miss Bruce and his videos. Quality content.
Yeh, his videos about Unbound Gravel are awesome and a must-see for newbies.
Same!
My local stores say 25% off giant winter sale, spring blowout deals 25% off giant, father's day one day special 25% off giant, it's just recycling the same overpriced trash. 25% off in my country reverts bike prices to 2023 and we'd need 40% off to get back to 2020. My giant e bike $3009 and now the same model is $4500 on 'sale'
Shouldn't they be paying you, at this point, with all the discounts?
Correct!! All these brands are doing the same. Same discounts and STILL not moving product. Better figure it out soon or others will be following shut downs.
I can’t afford anything cycling related anymore. High-end bikes cost more than my car. Just the components and wheels cost more than what bikes used to cost. 5-10 yrs ago did you ever think a very good pair of bib shorts would be two-fifty? As in $250?! Good grief! Top of the line Specialized shoes for $400?! Just rob me already!
yea the market is expensive but honestly shoes for sworks were always high 10 years ago they were 350 the high end has always been the high end, just the low end has been forgotten and the price has gone sky high
Good, because they suck…Buycycle is turning out to be what TPC should have been!
yea buycycle and cycle limited are doing great
2:30 those little hurricanes are always such a pain in the butt 😂
lmao
glad to see it! scummy company that offered terrible value.
I had a good experience with TPC. I bought a Ti roadbike and a CF fat bike. Both are amazing bikes.
I guess people are back in enclosed gyms. During Covid, cycling was a great way to get away from it all.
I travel all the time and have to use hotel gyms when possible. There’s absolutely no way I’ll ever go to an enclosed gym while at home! I use cycling for fitness, as a stress reliever, and as an opportunity to get outdoors and get away from it all. I will keep riding no matter what the market does. Even if I’m the only one on my paved trail! Now, will I be able to get that SRAM RED endurance bike at 30% discount now that people are not buying as much?
I am saddened by this, I got the e-mail as I'm on their mailing list as a consumer. And was it the introduction of Buycycle perhaps, the site which lists used bikes held by their owners and shipped by them upon a sale? But whatever, hopefully they remain a presence of some sort, we gotta see Bruce keep winning the big races, or at least giving it the ol' college try. 😀
Simplon (Austrian bike brand) filed for bankruptcy. So its hitting others as well.
they ran soooooooooooo many ads like 2 years ago. not surprised
They were over-priced.
I sold one bike on ProsCloset in 2021…I sold it for more than what I paid, so I went crazy and sold my entire fleet of 3 bikes, all fairly upper middle class. I got such a surprisingly large amount for them I just kicked in a little extra and 3 brand new bikes, Supersix EVO, Supersix SE, and a new Cutthroat.
yea thats the provlem I think they were buying bikes for overprice of what they were because they did nto see an end and figured that the used bikes would sell forever
Interest rate hikes the past couple of years kill everything.
yea this is ture too debt becomes expensice
Why is anyone surprised? Could've told you this three years ago lmao
I have done countless videos talking about them specifically stuggling with inveotry
Hi, i disagree completely with your take, have you tried to sell anything to them???? they would offer a ridiculous price when buy and charge 3x more when sale, they were jacking up the prices during Covid and their greed is what got them, i am not happy to see them go but i am not surprised, welcome anyone else thoughts who dealt with them
yea thats exactly what i said, I said in the video I had customers who would use them to sell there bikes and get offered like 3000 for a full pinarello dogma f, and then yes they werre over pricing used bikes just like the whole used bike market was overpriced and then the water turned off and there was no demand anymore
They needed to go down. Ridiculous trade values etc. They were laughable.
there trade values got horrible towards the end
This is something we've been expecting for a long time, isn't it? A market downturn was inevitable after covid, and everyone was somewhat anticipating a crash. The mass purchase of bikes has dropped to a minimum, flooding the market with used ones
yea I have been saying this for a while and talked countless times on pros closet, I think we wil see more
These days the higher end “Dinkies” (Dual Income No Kids) are the group who still have the discretionary income to invest in cycling. It’s a high cost sport and now too high for new entrants to take up. I’m seeing the popularity of running groups exploding in growth. It’s every bit as social and the cost of taking it up is way more affordable.
From my observation the big bike shops appeared to crowd their show rooms with junk, so inferior it was always an uphill battle to sell. In addition to that, the good stuff was more and more loaded up with scaled back components. End of the day, you want to get the best bang for your buck and more. Perhaps if cycling manufacturers focused on the customers’ needs then genuine profits might follow.
yea it seems cycling manufactorers only focus on high end and even took there low end and made it more money and forgot about the entry level all the entry and mid level got huge price hikes and never came down
Wow - just purchased a really high end wheelset from them for a rock bottom price. All makes sense why I got such a deal
thats nice for you man!!
Huh... you kinda missed the mark entirely on this video. I understand you're trying to relate it completely to the cycling industry because that's what your business is but you failed to mention anything about the venture capital investment they received and the bloated, overpaid c-level suites. Undoubtedly the industry played a role but the major factor was likely new obligations to investors. TPC shutting down says more about capitalism and less about cycling.
a lot of mis manage money and alot of yes man at the company and no one spoke up about the numbers doing poorly and continued to buy used bikes and not move products,
Honestly I'm shocked they lasted this long
yea the writing was on the walls
Sad.
Bought two titanium bikes from them. Excellent price and service. RIP
Couldn't compete with Buycycle
They should have checked out eBay before deciding on their business model. 🤷♂️
Some customers may have store credits after selling their bikes.
Gonna pick me up a ceramic OSPW, cheap!
I just checked and they have very few listings currently
pros closed was never a “business” its a swap meet. Work on in farming or Asphalt or simply live to 60. Walmart is selling Ozark Trail bikes just fine. You can get an Avocado and a hummingbird feeder at the same store. TESLA is a business.
they had a CEO or an owner change in like 2021. that was the start of the end
The prices were ridiculous.
A business model that rips off the seller and the buyer for what Facebook marketplace facilitates for free? They blew through their VC on an unsustainable business model? They’re going out of business? Shocking!
With many confused with what gender they are, the “closet” seems to be a hot topic lately!
My bikes are my hobby, my passion and it's my way of staying fit. I buy HIGH end because I love it and so I don't have to upgrade parts later. I never purchased anything from them.
bro selling that 2021 yeti for close to 5 grand when on facebook market place i can find that exact bike for 2-2500 maybe during covid when prices where insane it would make sense since the prices where comparable but in the normal world no way
Building and repairing bikes would be my focus with used bikes on the side. Maybe devote some floor space to that.
I just purchased a 2020 Trek Domane SLR 9 AXS eTAP with a wallowed out seatmast bore for isospeed from them. If anyone knows where to get new mast? Otherwise awesome bike.
I paid them a visit last month couldn't believe the size of the building, not many employee cars out front. I can't imagine the cash flow needed to pay for that size building. I thought they over priced every used bike online by $500 - $1500.
Sad to see them go. I dunno, did my research and got a really good deal from TPC during one of their sales on a used bike. Found the staff to be helpful, and it was nice to find something carbon/Di2 in my size. Many local bike shops in my area were completely sold out of inventory, had few options in my size, or were 2x expensive.
Not going to be missed by me.
This is sad. I got a really nice high-end, like-new used bike from a similar online store (Cycles Ltd.) that I would never have been able to afford new. It was the most money I've ever spent for a bike, but it has been worth every penny. Best bike I've ever ridden. It was so nice to have online stores like this, because answering ads on places like Craigslist and Facebook Marketplace has gotten too sketchy. I hope the remaining stores can get through this slump.
I live near their retail store it was very meh, basically just a small showroom of high-end bikes - no components, no accessories, nothing like that - and the impression I got was the only people going there were there to test-ride bikes found on their online inventory. It was also in an industrial park and attached to their warehouse, so not in a convenient location whatsoever.
I worked at TPC… I left a long time ago… Sucks people lost jobs.. Venture Capital strikes again…
Yea it seemed like a tough call once the Covid bubble popped
This was long overdue. They sold really overpriced and only sold high end.
yea the signs were there for a while, with downsizing staff and even at one point not buying any new bikes only taking trades for existing inventory you could see there was cash strap
They took $100M in funding. That was a crazy bet on used bikes.
yea that is fucking insane and also to invest in massive warehouse is crazy as well and hire staff
I just checked their site and I’m not seeing any obvious “blowout” pricing cuts …. “75% off” ….. where?? Did you see an example of any bike 75% off?
yea I Was suprised too the disocunts dont even add up to 75 percent off lol
Sounds like they never prepared for the bad times.
yea they just kept buying like the water was never going to turn off, maybe had a bunch of yes men at the table and no one spoke up about the numbers not being where they should
Damn, they just bought my bike two weeks ago.
damn well guess you can buy it back for a steal
If you charge 2024 prices for 2018 bikes, this is what happens.private equity strikes again. Owners got a nice payday
yea it is fucked
I looked for The Pro's Closet... you have to be careful with your grammar when you're at work
lmao
Theproscloset was awesome precovid, post covid everyone got greedy 😢
yup the proof is in pudding
Dude, I hear what you are saying up until the point you say people who pay for high-end bikes "don't care about their money." That's ridiculous. They probably care about money so much that they work to get a lot so they can have nice things. I've seen your reviews. You sell S-works. I doubt you hand the receipt to your clients and say thanks for not caring about your money.
yea I was trying not to throw it across like that, I meant it more like they have the money for it and can afford the bikes at that price in a hurting economy
Sad for a place to close but we see what happens.. Lots of change
a shit ton of change
Here in Idaho Falls, Idaho, in 2024 we have lost Fitzgerald's Bike Shop, the Bike Shop lost it's funding source and had to move to a worse location and are doing poorly, and Bill's Bike Shop is effectively dead. We effectively lost 50% of our local bike shops but our population has increased by about 10% due to the pandemic refugees from the West Coast.
yea we are seeing more and more, I think covid was ablke to give shops more time and bandaid shops that were struggling but they it hyper fixated on the shops struggling now and you are seeing a lot of them collapse due to inventory and also mis mangae for inventory and lack of ideas to move it
They offrered me good money when I contacted them to sell a 2015 Venge. Year later they werent interested
yup this was the story a lot of people got
It’s buycycle now
buycycle and cycle limited are doing good
Are we just going to ignore the "the little hurricane outside" lol
Here in Jacksonville, yawn, it's just another rainy day with a category 4 storm running up the left coast.
lmao I am lucky that I am far east coast so I just got some rain and wind bands
Colorado Cyclist closed earlier this summer as well. They were in the game for a long time. I did get a quote once from TPC, and definitely lowballed.
yea I did a video on them as well and also wiggle too, alot of strong big names in the industry going under is always sad to see go
@@GCPerformance18 Thanks for the reply, like your reviews, they’re very helpful.
I still have a triathlon frameset, Quintana Roo, I bought from The Pros Closet!
Sad!?! why?
Were they running an honest business? I don't think so.
they were around for a long time and yes, but in the thick of things they were giving top dollar for used bikes and also selling them for top dollar as well
@@GCPerformance18 Selling used bikes for top dollar is not honest. The average guy who tried to sell them bikes got a bad deal as well. So no, I'm not sad. They will not be missed.