Evans Cycles has been sold to Sports Direct as part of a pre-pack administration.
Around half of the cycling shop's 60 stores will be forced to close, Sports Direct owner Mike Ashley said as he announced the deal.
Ashley commented: "We are pleased to have rescued the Evans Cycles brand. However, in order to save the business we only believe we will be able to keep 50 per cent of stores open in the future. Unfortunately some stores will have to close."
CBRE director James Keany has been retained on all property related aspects, the company said.
Keany said: "We are looking forward to working with landlords in order to help create a sustainable business. We will make contact with landlords over the next few days and discuss the future of individual stores."