The Pro's Closet cuts staff 15%
10-18-22, 01:24 PM
#51
Senior Member
Join Date: Nov 2014
Location: Eugene, Oregon, USA
Posts: 27,524
Mentioned: 217 Post(s)
Tagged: 0 Thread(s)
Quoted: 17503 Post(s)
Liked 4,133 Times
in
3,072 Posts
Ok, I found The Pro's Closet E-Bay store.
https://www.ebay.com/sch/Sporting-Go...=theproscloset
They no longer have the tons and tons of listings they used to have.
Looking at their web page, everything has gotten so very expensive, and not really in my ballpark anymore.
https://www.theproscloset.com
Hmmm... Their REVO hubs look interesting, but dang, the worst photos I've ever seen for bike parts.
And not particularly good descriptions either.
I have to think the company is going through growing pains.
https://www.ebay.com/sch/Sporting-Go...=theproscloset
They no longer have the tons and tons of listings they used to have.
Looking at their web page, everything has gotten so very expensive, and not really in my ballpark anymore.
https://www.theproscloset.com
Hmmm... Their REVO hubs look interesting, but dang, the worst photos I've ever seen for bike parts.
And not particularly good descriptions either.
I have to think the company is going through growing pains.
10-18-22, 01:25 PM
#52
Senior Member
Join Date: Sep 2007
Posts: 13,663
Mentioned: 30 Post(s)
Tagged: 0 Thread(s)
Quoted: 3835 Post(s)
Liked 1,076 Times
in
757 Posts
It's bizarre that anybody thinks that wanting to know the number of employees before (and during and after) COVID is controversial or that it "doesn't matter".
Last edited by njkayaker; 10-18-22 at 01:37 PM.
10-18-22, 02:50 PM
#53
Klaatu..Verata..Necktie?
Join Date: May 2007
Location: SF Bay Area
Posts: 14,408
Bikes: Litespeed Ultimate, Ultegra; Canyon Endurace, 105; Battaglin MAX, Chorus; Bianchi 928 Veloce; Ritchey Road Logic, Dura Ace; Cannondale R500 RX100; Schwinn Circuit, Sante; Lotus Supreme, Dura Ace
Mentioned: 40 Post(s)
Tagged: 0 Thread(s)
Quoted: 8197 Post(s)
Liked 9,049 Times
in
4,603 Posts
Personally, given that TPC seems to have leveraged the COVID bike boom to grow their market share, I think FTEs falling back to 2019 levels would indicate more than a simple "return to normal", but rather a significant contraction of the market as a whole relative to 2019. Given they moved to a facility several times the size of their old one, I suspect that even losing 15% of staff will leave them larger than 2019. I also think the whole thing is very much still in motion. Maybe they'll be stable with 85% of the staff. Maybe that's still too many for the market.
It all serves as a reminder - don't love your job too much, because it won't love you back.
__________________
"Don't take life so serious-it ain't nohow permanent."
"Everybody's gotta be somewhere." - Eccles
"Don't take life so serious-it ain't nohow permanent."
"Everybody's gotta be somewhere." - Eccles
10-18-22, 03:22 PM
#54
Friendship is Magic
Join Date: Nov 2010
Location: Sacramento, CA
Posts: 21,797
Bikes: old ones
Mentioned: 300 Post(s)
Tagged: 0 Thread(s)
Quoted: 24785 Post(s)
Liked 8,575 Times
in
5,984 Posts
.
...here is an interesting piece from a person writing for a bike Magazine, on his impressions of the business.
And here is an even more interesting entry, on how just over a year ago, in May of 2021, some VC firm dropped 40 million bucks into their business.
It's not at all unusual to see a company that is just starting out in the world of venture capital expand a little more rapidly than the numbers justify. It's probably more the rule than the exception to it.
...here is an interesting piece from a person writing for a bike Magazine, on his impressions of the business.
And here is an even more interesting entry, on how just over a year ago, in May of 2021, some VC firm dropped 40 million bucks into their business.
"We have seen The Pro's Closet's explosive growth over the last several years and are very excited to invest in their expanding business," said Luke Beatty of The Chernin Group. "In The Pro's Closet, we see a revolutionary approach to the bike-buying and selling process, one that is consumer-centric and will be able to help more people access cycling products with greater ease and value than any other option. We're grateful to help their business grow and expand."
Started in 2006 as an eBay store, TPC features Certified Pre-Owned 30-Day No Questions Asked returns and frame warranties. Its inventory features road, mountain, gravel, cyclocross, triathlon, and e-bikes, and sells throughout the U.S. and Canada.
Started in 2006 as an eBay store, TPC features Certified Pre-Owned 30-Day No Questions Asked returns and frame warranties. Its inventory features road, mountain, gravel, cyclocross, triathlon, and e-bikes, and sells throughout the U.S. and Canada.
__________________
10-18-22, 05:05 PM
#55
Senior Member
Join Date: Sep 2017
Posts: 7,040
Mentioned: 35 Post(s)
Tagged: 0 Thread(s)
Quoted: 6310 Post(s)
Liked 9,724 Times
in
4,176 Posts
Hell, I wasn't even talking (err, writing) about that argument, and I got accused of being dense and "having trouble following the thread." Some people think that everyone should share their little obsessions.
10-19-22, 07:26 AM
#56
Senior Member
I bought a bike from TPC in Feb 2020 and had a great experience. Their prices were reasonable at that time (maybe 10% higher than comparable Craigslist/Pinkbike prices) and they were running a 15% sale at the time. I bought a very high end 2018 bike that had obviously been someone's dream bike build. My bike probably cost whoever built it initially over $15K. I paid less than $5k. That's obviously expensive for a used bikes and I wanted to make sure I knew exactly what I was getting. TPC answered all of my questions immediately, sent me extra pictures and had plenty of patience. I even spoke to one of their mechanics about the bike on the phone. After I ordered, the bike was mailed immediately and came out of the box looking essentially brand new. I love this bike, it's not something you can just walk into a bike shop and buy, it's a work of art. Also, it rides incredibly and fits me perfectly.
So, in pre-pandemic times, I think TPC offered an appealing prospect. They sold high end bikes you were relatively assured would be in good working order, would be shipped quickly and would be as described. They even promised to buy the bike back in the future if it turned out you didn't like it. You paid a ~10% premium for these assurances, which seemed reasonable.
However, during the pandemic all of this went off the rails. The prices on TPC went through the roof. They stopped selling so many unique or desirable bikes for enthusiasts, it seemed like all they had were used stock Specialized bikes (or whatever) at outrageous prices. I understand this was the reality of market at the time but they became an option only for those desperate for a bike.
Their prices have definitely returned to more manageable levels over the past few months, but they are still inflated. Also,their stock has EXPLODED over the past few months as they have begun to buy up all of the panic-bought Covid bikes.
With burgeoning inflation sapping everyone's disposable income and the increasing likelihood of a recession next year, demand is certainly going to continue to fall. Meanwhile all of the backordered 2021 and 2022 bikes will be pouring into the supply chain as manufacturing capacity starts to normalize. TPC is going to end up holding the bag. IMO, they need to drop their prices by a further 20-30% to start reflecting market realities. We'll see.
So, in pre-pandemic times, I think TPC offered an appealing prospect. They sold high end bikes you were relatively assured would be in good working order, would be shipped quickly and would be as described. They even promised to buy the bike back in the future if it turned out you didn't like it. You paid a ~10% premium for these assurances, which seemed reasonable.
However, during the pandemic all of this went off the rails. The prices on TPC went through the roof. They stopped selling so many unique or desirable bikes for enthusiasts, it seemed like all they had were used stock Specialized bikes (or whatever) at outrageous prices. I understand this was the reality of market at the time but they became an option only for those desperate for a bike.
Their prices have definitely returned to more manageable levels over the past few months, but they are still inflated. Also,their stock has EXPLODED over the past few months as they have begun to buy up all of the panic-bought Covid bikes.
With burgeoning inflation sapping everyone's disposable income and the increasing likelihood of a recession next year, demand is certainly going to continue to fall. Meanwhile all of the backordered 2021 and 2022 bikes will be pouring into the supply chain as manufacturing capacity starts to normalize. TPC is going to end up holding the bag. IMO, they need to drop their prices by a further 20-30% to start reflecting market realities. We'll see.
10-19-22, 10:42 AM
#57
Senior Member
Join Date: Jun 2008
Location: Louisville, KY
Posts: 13,286
Mentioned: 32 Post(s)
Tagged: 0 Thread(s)
Quoted: 3837 Post(s)
Liked 2,644 Times
in
1,578 Posts
10 years ago they were just another ebay seller selling used parts on consignment. I bought from them a number of times back then (small parts, used jerseys, and the like). That's how I still think of them and then I see their articles in my social media advertisements and go their and find high end bikes and am perpetually surprised. And then I forget and do it again.
10-19-22, 12:29 PM
#58
Tragically Ignorant
Join Date: Jun 2018
Location: New England
Posts: 15,385
Bikes: Serotta Atlanta; 1994 Specialized Allez Pro; Giant OCR A1; SOMA Double Cross Disc; 2022 Allez Elite mit der SRAM
Mentioned: 62 Post(s)
Tagged: 0 Thread(s)
Quoted: 8061 Post(s)
Liked 8,869 Times
in
4,938 Posts
Likes For livedarklions:
10-19-22, 12:31 PM
#59
Tragically Ignorant
Join Date: Jun 2018
Location: New England
Posts: 15,385
Bikes: Serotta Atlanta; 1994 Specialized Allez Pro; Giant OCR A1; SOMA Double Cross Disc; 2022 Allez Elite mit der SRAM
Mentioned: 62 Post(s)
Tagged: 0 Thread(s)
Quoted: 8061 Post(s)
Liked 8,869 Times
in
4,938 Posts
Likes For livedarklions:
10-19-22, 01:09 PM
#60
Senior Member
TPC = overpriced used bikes. Eff them. I looked at their site numerous times over the years and just laughed at what they were asking for beat up used bikes.
So anyway...A friend of mine owns a bike shop that sells Trek, Specialized, Salsa, Rock Mountain and Cannondale. He told me his floor is full of bikes and his warehouse is full of bikes yet to be put together...But nobody is buying any bikes anymore. He's probably going to have 2022 model year bikes spilling over into 2024 and beyond.
Covid bike boom is gone, lots of Covid bikes now showing up online for sale...TPC has a lot of those used bikes and not selling them...POOF! People get laid off. None of this surprising. QBP just laid off a bunch of employees about a month ago also.
With the inflation from high gas prices, food prices, rent prices etc....there has been a big decline in consumer discretionary spending.
So anyway...A friend of mine owns a bike shop that sells Trek, Specialized, Salsa, Rock Mountain and Cannondale. He told me his floor is full of bikes and his warehouse is full of bikes yet to be put together...But nobody is buying any bikes anymore. He's probably going to have 2022 model year bikes spilling over into 2024 and beyond.
Covid bike boom is gone, lots of Covid bikes now showing up online for sale...TPC has a lot of those used bikes and not selling them...POOF! People get laid off. None of this surprising. QBP just laid off a bunch of employees about a month ago also.
With the inflation from high gas prices, food prices, rent prices etc....there has been a big decline in consumer discretionary spending.
10-19-22, 01:21 PM
#61
Senior Member
Join Date: May 2010
Location: Bastrop Texas
Posts: 3,816
Bikes: Univega, Peu P6, Peu PR-10, Ted Williams, Peu UO-8, Peu UO-18 Mixte, Peu Dolomites
Mentioned: 8 Post(s)
Tagged: 0 Thread(s)
Quoted: 683 Post(s)
Liked 1,137 Times
in
735 Posts
I have heard that Big Box stores and Chains like Walmart and Target are considering marketing some better quality bikes in the near future. Of course that depends allot on who is going to assemble them. The market is there but it is going to take a real expert to make it profitable. It's about time...
I remember a real nice PUCH Sears 10 speed with a Simplex Group I could not afford in the 60's...
I remember a real nice PUCH Sears 10 speed with a Simplex Group I could not afford in the 60's...
__________________
No matter where your at... There you are... Δf:=f(1/2)-f(-1/2)
10-19-22, 02:30 PM
#62
Senior Member
Join Date: Mar 2006
Location: Midwest
Posts: 2,510
Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 1252 Post(s)
Liked 1,260 Times
in
740 Posts
It is interesting that these are new bikes, not used ones. It suggests that Pro's Closet bought up a bunch of stock and failed to unload the inventory before the demand collapsed. They probably had a huge mark-up, so this allows them to sell at what appears to be the original price, rather than slash it by 50% (which could have a negative effect on other sales, as potential buyers hold out for a better deal).
10-19-22, 02:34 PM
#63
ignominious poltroon
Join Date: Jan 2022
Posts: 2,776
Mentioned: 3 Post(s)
Tagged: 0 Thread(s)
Quoted: 1595 Post(s)
Liked 2,406 Times
in
1,269 Posts
10-19-22, 02:36 PM
#64
Senior Member
Join Date: Oct 2013
Location: Mich
Posts: 6,429
Bikes: RSO E-tire dropper fixie brifter
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 6 Post(s)
Liked 2,319 Times
in
1,553 Posts
10-19-22, 02:56 PM
#65
Senior Member
Join Date: Mar 2006
Location: Midwest
Posts: 2,510
Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 1252 Post(s)
Liked 1,260 Times
in
740 Posts
The link is live - go for it.
Maybe you can sell the second one. Solicit an offer from TPC, perhaps...
(they do note that Serial-1 doesn't qualify for "buyback guarantee" and that all sales are final on these)
Maybe you can sell the second one. Solicit an offer from TPC, perhaps...
(they do note that Serial-1 doesn't qualify for "buyback guarantee" and that all sales are final on these)
Last edited by msu2001la; 10-19-22 at 03:01 PM.
10-19-22, 03:08 PM
#66
Senior Member
Join Date: Oct 2013
Location: Mich
Posts: 6,429
Bikes: RSO E-tire dropper fixie brifter
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 6 Post(s)
Liked 2,319 Times
in
1,553 Posts
I'd only consider non alloy road-dropbar non E bicycles.
__________________
-Oh Hey!
-Oh Hey!
10-19-22, 07:16 PM
#67
Friendship is Magic
Join Date: Nov 2010
Location: Sacramento, CA
Posts: 21,797
Bikes: old ones
Mentioned: 300 Post(s)
Tagged: 0 Thread(s)
Quoted: 24785 Post(s)
Liked 8,575 Times
in
5,984 Posts
__________________
10-20-22, 05:15 AM
#68
...
Join Date: Oct 2021
Location: Whitestone and Rensselaerville, New York
Posts: 878
Bikes: Bicycles? Yup.
Mentioned: 3 Post(s)
Tagged: 0 Thread(s)
Quoted: 261 Post(s)
Liked 799 Times
in
409 Posts
Job destruction is happening. Pro's Closet, Amazon, IBM, Microsoft, Goldman, the financials in general, they're all cutting staff and hunkering down.
We're in a nasty phase of inflation after 30-40 years of printing money. The only tool the Fed has raising interest rates, and the cooling economy will force layoffs.
We're in a nasty phase of inflation after 30-40 years of printing money. The only tool the Fed has raising interest rates, and the cooling economy will force layoffs.
10-20-22, 07:14 AM
#69
Senior Member
Join Date: Sep 2017
Posts: 7,040
Mentioned: 35 Post(s)
Tagged: 0 Thread(s)
Quoted: 6310 Post(s)
Liked 9,724 Times
in
4,176 Posts
10-20-22, 07:42 AM
#70
Senior Member
10-21-22, 02:52 PM
#71
Garage tetris expert
Join Date: May 2016
Location: Texas Hill Country
Posts: 692
Bikes: A few. Ok, a lot
Mentioned: 14 Post(s)
Tagged: 0 Thread(s)
Quoted: 287 Post(s)
Liked 416 Times
in
224 Posts
ps. something to consider for your holiday wishlist: https://www.etsy.com/listing/836539805/im-your-density-shirt-back-to-the-future
Last edited by panzerwagon; 10-21-22 at 02:57 PM.
Likes For panzerwagon:
01-20-23, 02:54 PM
#72
Senior Member
Thread Starter
https://www.bicycleretailer.com/indu...-round-layoffs
So TPC is scaling back the workforce again, but won't say how many employees are affected this time.
Looks like the initial 15% reduction wasn't enough.
The strategy to not disclose makes me wonder if they're still trying to right the ship and might not be done yet.
So TPC is scaling back the workforce again, but won't say how many employees are affected this time.
Looks like the initial 15% reduction wasn't enough.
The strategy to not disclose makes me wonder if they're still trying to right the ship and might not be done yet.
01-21-23, 10:10 AM
#73
Live not by lies.
Join Date: Nov 2020
Posts: 941
Bikes: BigBox bikes.
Mentioned: 2 Post(s)
Tagged: 0 Thread(s)
Quoted: 569 Post(s)
Liked 491 Times
in
377 Posts
This reminds me of a Simpson's episode about the internet boom/bust of the late 90s. Bart gets a job with an internet startup creating content, getting paid in stock options. Of course is all comes crashing down, and the repo men are there repossessing things like the Foosball table, and one of them says, "Yeah, the bursting of the internet bubble has brought a boom to the Repo business. A boom which will never end!"
The last 2 1/2 years, there have been a million opinions published on What Happens After COVID, looking at all aspects of society, but nobody really knows what the new normal will be.
The last 2 1/2 years, there have been a million opinions published on What Happens After COVID, looking at all aspects of society, but nobody really knows what the new normal will be.
01-21-23, 03:36 PM
#75
Senior Member
Join Date: Sep 2017
Posts: 7,040
Mentioned: 35 Post(s)
Tagged: 0 Thread(s)
Quoted: 6310 Post(s)
Liked 9,724 Times
in
4,176 Posts
As I wrote, the money supply is partly responsible for the current inflation, but not entirely responsible for it. Probably not even mostly responsible, though we’re still untangling that.
PS: Just for fun, I watched the linked video. Do you realize that it is just a basic explanation of how prices are determined in individual markets? It does not address any macroeconomic concepts – including the money supply and determination of inflation rates. In fact, he never even mentioned the money supply. I’m not sure why you think this is at all relevant..
Last edited by Koyote; 01-21-23 at 10:13 PM.
