The Pro’s Closet sells minority stake for $2.5 million

Press Release 12.13-3From Bicycle Retailer

The eBay seller plans a national trade-in program for bike shops.

BOULDER, Colo. (BRAIN) — The Pro’s Closet’s founders have sold a minority stake in the company to the investment firm Range Light LLC for $2.5 million and are preparing to launch its used bike trade-in program nationally.

TPC began 9 years ago as an eBay consignment seller, specializing in selling off extra bike stuff that Boulder’s many pro cyclists had in their closets. The company now operates the largest bike “store” on eBay.

The company has been testing its Trade-Up program with stores in Boulder and Denver. The program allows consumers to get a trade-in quote for their bike from a store’s website, then bring their old bike to the store and exchange it for store credit. TPC runs vans around to participating stores in Boulder and Denver to collect the trade-in bikes. TPC operates a satellite warehouse in Denver in addition to its main warehouse and headquarters in Boulder.

Read the full story HERE.

Read about TPC’s early years in this 2011 ARTICLE BY 303.

Read about TPC’s Cherry Creek location HERE.

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