Chain Reaction Cycles is to shut its retail store on Belfast’s Boucher Road after 12 years and move its business back online.
It comes after its parent company Wiggle was plunged into administration in October and initially laid off 105 workers.
Around 20 staff in Belfast are likely to lose their jobs when the business closes in February.
In a post on the firm’s Facebook page, senior store manager Dave Astin wrote: “We regret this decision and sincerely appreciate the support from all our customers over the past 12 years.
“We will continue to serve all our customers through our online store, chainreactioncycles.com, where you can shop our full range and receive support, warranty, and aftercare services from our customer service team.
“With the store closing soon, we are offering some incredible deals as we sell through our remaining stock. Please feel free to visit us in the coming weeks.”
In December the Irish News reported that a second tranche of job losses had followed at Wiggle Chain Reaction Cycles (WiggleCRC) after the initial 105 redundancies at the time of administration.
At the time the joint administrators at FRP Advisory said: “Regrettably, the financial position of the business means that it has been necessary to make a number of redundancies to allow it to continue to trade in readiness of the proposed sales process.”
Around 500 members of staff were retained to support the business as it was prepared for sale.
Chain Reaction Cycles started as Ballynure Cycles in 1984 by George and Janice Watson with a bank loan of £1,500.
Within five years, they rebranded the firm Chain Reaction Cycles and in 1998 changed the focus to mail order.
The online offering was launched in 2000 and after significant growth, the firm opened its own 50,000 sq ft warehouse in 2005 and followed this up with a 10,000 sq ft flagship retail premises in Belfast in 2011.
Wiggle was founded in 1999 as a sister firm to Portsmouth bike shop Butlers Cycles.
