Performance Bicycle, the Chapel Hill-based retailer, won’t close any of its North Carolina stores after its parent company filed for bankruptcy protection earlier this month, the Charlotte News & Observer reported. The retailer is closing around 40 stores total as it goes through chapter 11 bankruptcy. Advanced Sports Enterprises, the Philadelphia company that bought Performance Bicycle just a little more than two years ago, filed for bankruptcy protection on Nov. 16. The company said it took that action “to restructure and better position itself for future success,” according to a release. Advanced Sports has more than $100 million in debt, according to its bankruptcy filings.
