PlanetX - calls in the administrators

[DCLane]

This doesn't look good for them; https://www.thebusinessdesk.com/yorkshire/news/2109560-bike-retailer-to-appoint-administrators

 

[fossyant]

I'd heard something a few weeks ago, and the constant sales. Not good, always a good place for cheap accessories.

 

[Big John]

Bugger. We'll miss them.

 

[rogerzilla]

They've had next to no stock since Covid.

 

[ianrauk]

Hopefully they can be saved. But not by Mike Ashley.

 

[Juan Kog]

If the volume of sales emails from other online cycle businesses are anything to go by , Planet X might not be the only one in trouble.

 

[Drago]

Sad times.

 

[dan_bo]

Aris.

 

[cougie uk]

Gutted ! I've bought more of their bikes than any other brand. Never been disappointed. Cycling just got more expensive.

 

[a.twiddler]

I bought a set of handlebars from them about four years ago. Since then, occasional emails re special offers. In the last few months, almost daily emails with £hundreds off new bikes. It's all my fault! But I haven't bought a brand new bike from anyone since about 2007, plenty of used ones. Have I single handedly destroyed the UK bike industry? But seriously, it's a sad sad thing, and takes away another option of choice from potential customers. Only a few months ago it was Moore and Large, who else that I haven't heard about might also have gone? Considering that during COVID we were hearing about a new age of cycling, it hasn't taken long for it to collapse. Something wrong with the UK business model somewhere. Blame the useless government, blame COVID, blame Brexit, blame the Russians, blame mother Carey's chickens but there must be something more to it than that which stops formerly successful businesses from thriving.

 

[Mo1959]

I seem to be getting an awful lot more emails from Wiggle/CRC too. I think they are all struggling. Not sure what the answer is.

 

[rogerzilla]

I think there's a bit of a vacuum after the Covid bike boom. Also, PX relied on getting cheap stuff to sell (remaindered kit, own-brand Chinesium) and that's just not out there in the same quantities.

 

[Alex321]

The trouble with the COVID cycling boom is that most retailers couldn't take as much advantage as you might expect, because they just couldn't get stock.

Now there is stock available, but demand has dropped back to pre-covid levels, probably even slightly below, as many have already bought bikes who might otherwise have been doing so now. So many retailers now have overstock issues.

 

[T4tomo]

reading between the lines, the buyout left it over geared and with rising interest rates its unable to service its debts, as the underlying business was profitable. I imagine it will get swallowed up by a rival or a VC company may think they can do it better and make a quick buck.

 

[Ian H]

Latest never-to-be-repeated sales email came in at 7 this morning.