TPC issued a short news release Thursday announcing the decision. Like a lot of companies in the industry, TPC has struggled since the post-COVID bike boom. Last year, it had two rounds of layoffs and recently has been offering huge discounts on its website, which now has a “Going Out of Business Sale” announcement on the homepage, with 75% off sitewide.

"This has been an extraordinary chapter in the world of cycling, and we’re incredibly grateful to everyone who has been a part of it," said CEO Jonathan Czaja. "From our dedicated team to the loyal riders and industry partners, your support allowed us to grow and create a lasting impact. While this is the end of the road for TPC, as it operates today, we are proud of what we’ve accomplished together."

TPC said since its founding, it has helped “over 160,000 customers find their perfect ride and have sold more than 46,000 bikes. It’s been a hell of a ride, and we couldn’t be more thankful to the customers, employees, and vendors who made this journey possible.”

Founder Nick Martin stepped down as CEO in October 2020 and was succeeded by board member John Levisay, who left the company in March 2023. Paul Calandrella, formerly TPC's vice president of strategic initiatives, was named general manager and in charge of day-to-day operations. Czaja then succeeded Calandrella.

Before the layoffs and frequent leadership changes in the past few years, TPC enjoyed only success in the market obtaining new and pre-owned bikes and accessories from manufacturers, retailers, and individuals. In May 2021, economic conditions were considerably brighter, with TPC announcing it raised an additional $40 million in Series B funding that would be used to grow its workforce, along with fulfilling other goals. That announcement followed TPC reporting the doubling of first-quarter sales year-over-year. It reported then that revenue more than quintupled in the previous two years.

In January 2021, TPC moved from its 24,000-square-foot Boulder, Colorado, location to the 137,000-square-foot Louisville facility. The TPC Louisville Company Store was added, touting itself as "The Metro Area's Largest Bike Store" with a collection of new and certified pre-owned bikes, parts, apparel, and accessories totaling about 3,000 bikes and 7,000 to 8,000 parts and accessory SKUs.