Re-cycle: Popular bankrupt Vancouver bike shop gets a second chance

A Vancouver bike shop that was a fixture on Broadway for decades that recently went bankrupt will live to see another day, thanks to some new owners.

This summer, we learned that La Bicicletta Bicycles had filed for bankruptcy, owing millions to creditors.

Now, CSL Sports has acquired all of Bicicletta’s assets, keeping the legacy of the popular Vancouver bike shop alive.

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A letter on the Bicicletta website has more information on CSL Sports and why they’ve decided to keep the brand alive.

CSL comprises three Vancouver-based entrepreneurs who happen to be long-time cyclists.

Bicicletta.cc

“As long-time customers of the business, we know that Bicicletta is an iconic mainstay in the local community, and thanks to a successful digital transition during the pandemic it has built a national following online as well.”

The letter adds that the entrepreneurs wanted to “breathe fresh life” into the iconic brand.

While the Broadway store closed down earlier this year, website operations continued.

There’s good news for former employees, too.

“We are proud to say that all of Bicicletta’s team members prior to the transactions have been rehired, meaning many of the faces and names you’ve become familiar with will still be around.”

Regarding the location, it sounds like fans of the Vancouver bike shop will be travelling to a new space, as the new owners are looking to secure a new space in East Vancouver.

In good news for former customers, CSL will be honouring all gift cards that were issued by the bike shop.

According to documents from FTI Consulting, the new owners won’t be acquiring any of the debt that Bicicletta incurred. That debt involved owing over 80 creditors, a total of nearly $6.4 million.

The creditors included other bike shops, organizations like WorkSafe BC and the Canadian Revenue Agency, and individual people.

Creditors with the highest claim amounts included the Royal Bank of Canada, which claims $1,791,933.99, and the Business Development Bank of Canada, which claims $1,820,760. It also owes over $62,000 in gift cards.

Are you happy that this iconic and popular Vancouver bike shop will live to see another day, at least in name? Let us know in the comments.