If you searched this question after seeing headlines about closures, liquidations, and frustrated customers — you’re not alone. And you deserve a straight answer, not a runaround.
Here it is: The original Pro’s Closet did shut down. But the brand came back under new ownership and is currently operating again. That two-part answer matters a lot depending on whether you’re a current customer, a past one, or someone thinking about buying or selling through them today.
This article walks you through what happened, why it happened, what it means for customers who had store credit or trade-in deals, and what the business looks like right now.
The Original Pro’s Closet Did Close — Here’s When and Why
In September 2024, The Pro’s Closet announced it would be shutting down after 18 years in business. Operations officially wound down in October 2024.
The story of how it got there is worth understanding. The company started with a founder selling bikes out of a VW bus on eBay — a humble beginning by any measure. Over time, it grew into one of the largest used bike e-commerce platforms in the country. People started calling it the “Carvana of bikes,” and that comparison wasn’t far off.
At its peak, The Pro’s Closet had sold more than 46,000 bikes to over 160,000 customers. The operation ran out of a 130,000+ square foot warehouse in Louisville, Colorado. It was a serious business by any standard.
And yet, in the fall of 2024, it was gone.
Why a Company With Nearly $100 Million Behind It Still Failed
This is the part that confuses most people. How does a company raise nearly $90 to $100 million from investors and still go under?
The short version: it grew fast during the wrong moment and couldn’t adjust when things changed.
During 2020 and 2021, bike demand exploded. People couldn’t travel, gyms were closed, and cycling became one of the few outdoor activities available. The Pro’s Closet expanded aggressively — more staff, more warehouse space, more inventory. That made sense at the time.
But by 2022 into 2024, demand cooled off. People returned to normal life, and the used bike market softened along with prices. The company was left holding high fixed costs — rent, payroll, operations — without the sales volume to support them.
Investors eventually decided it wasn’t worth continuing to fund a business that couldn’t reach profitability at that scale. So they pulled the plug.
One important legal note: The Pro’s Closet didn’t file for traditional bankruptcy. Instead, it used a process called an Assignment for the Benefit of Creditors (ABC). This is a state-law alternative to court-supervised bankruptcy, where assets are assigned to a third party and liquidated to pay off creditors. It’s a meaningful distinction, especially if you had money tied up with the company.
What Happened to Store Credit, Warranties, and Buyback Deals
This is likely the most personal part of the story for a lot of readers. And it’s not a comfortable answer.
When the original company became insolvent and went through the ABC process, its prior financial obligations to customers — store credit, buyback guarantees, warranties — were tied to that original legal entity. They didn’t automatically transfer to whoever came next.
A private investment firm called Elshair Companies later purchased the digital assets from the liquidation: the trademarks, the website, the software, and the customer database. But purchasing those assets doesn’t mean taking on the old company’s debts or obligations to customers. The two are separate things legally.
Here’s a real-world example of how this played out: A rider who completed a trade-in deal in early 2024 and received store credit may have found that credit completely unusable after October 2024. And when the brand rebooted under new ownership, that old credit wasn’t recognized either.
This has understandably led to frustration. Negative reviews tied to the original closure and insolvency are still circulating on platforms like Trustpilot, and they’re worth reading before making any decisions. The complaints are real, even if many customers also received bikes and services as promised before the doors closed.
If you had store credit, a buyback agreement, or an active warranty with the old company, the honest answer is: it may not be honored. Whether you have any legal recourse would depend on the specifics of your situation and the structure of the asset sale — which is beyond what any article can tell you.
Who Owns The Pro’s Closet Now and What “TPC 2.0” Looks Like
After the liquidation, Elshair Companies acquired the brand’s digital assets and brought in familiar faces to run the rebooted operation. Former chief revenue officer Justin England and former COO JP Gage are involved in leading the new version of the business.
The relaunch was announced in late 2024, and by January 2025, the first bike under new ownership had been sold.
The new version of The Pro’s Closet — sometimes called “TPC 2.0” — looks very different from the original. A few things stand out:
- Smaller footprint: Instead of the 130,000+ square foot Louisville warehouse, the company now operates out of a roughly 29,000 square foot facility in Thornton, Colorado. That’s a dramatic reduction in overhead.
- Leaner inventory approach: Rather than holding massive stock, the focus is on curated used bikes, frames, and wheels — with faster turnover and less market risk.
- More B2B services: The new model puts more emphasis on dealer trade-in programs and consignment, not just direct-to-consumer retail.
- No outside investors: According to available reports, the rebooted company is not backed by external venture funding, which is a notable contrast to the original’s growth-at-all-costs approach.
The website is live, the buying program is active, and the physical warehouse is confirmed through a CBRE-arranged lease in Thornton. As of the latest available information, the business is operating.
Is It Safe to Buy or Sell Through The Pro’s Closet Today?
That’s a fair question, and the honest answer is: it depends on your comfort level and what you’re looking for.
The current business is under different ownership than the one that closed. It’s operating with a smaller team, a more cautious model, and leadership that knows the industry well from the inside. That’s genuinely different from what came before.
At the same time, the brand still carries some of the reputational weight from the original closure. Customers who lost store credit or had buyback deals fall through haven’t forgotten. And that’s fair. Trust, once broken, takes time to rebuild.
If you’re considering a transaction with TPC today, a few practical suggestions:
- Read current reviews, not just the older ones from before the closure.
- Understand that any deal you make is with the new entity under Elshair Companies, not the original company.
- Ask about current policies — warranties, returns, buybacks — before committing to anything.
- Don’t assume old store credit or past agreements carry over. Confirm in writing if needed.
For business stories like this one, Relic Business Mag covers the kind of real-world company developments that actually matter to buyers, sellers, and everyday consumers trying to make sense of what happened and what comes next.
What This Story Actually Tells Us
The Pro’s Closet story is a clear example of what happens when a niche business scales up on investor money during a moment of unusual demand, then gets caught when that demand disappears.
It’s not unique to cycling. The same pattern played out across e-commerce, furniture, fitness equipment, and other sectors that boomed in 2020 and struggled in 2022 and beyond. The difference is that most of those companies didn’t raise $90+ million first.
The relaunch as a leaner, independently run operation is genuinely interesting. Whether it works long-term is something nobody can say with certainty right now. But the model is fundamentally different from what came before — and that matters.
The Bottom Line
The Pro’s Closet is not permanently out of business. The original company closed in October 2024 after 18 years, unable to sustain its cost structure following a sharp drop in post-pandemic bike demand. Its assets went through an ABC process, and the brand was picked up by Elshair Companies.
The rebooted version launched in late 2024 and made its first sale in January 2025. It operates out of a smaller facility in Thornton, Colorado, with a more conservative business model and no outside investors.
If you had dealings with the original company — store credit, warranties, buyback programs — those likely weren’t carried over to the new owner. That’s a real issue and a real loss for some customers. If you’re considering a new transaction, go in informed, read the current reviews, and verify any commitments in writing before you proceed.
The brand is back. Whether it’s earned your trust back is a different question — and that’s one only you can answer.
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