The UK cycling chain, which has 60 branches in the UK, is being sold as part of a pre-pack administration.
Mike Ashley has confirmed he will be forced to close around half of the company's high-street branches.
Chief Executive of Sports Direct, Mike Ashley, said: "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."
More to follow…
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