EVANSTON, IL (BRAIN) — Retailer Ten 27 Cycles, formerly Turin Bicycles, is closing after more than 40 years in Evanston, Illinois.

The shop rebranded in June as Ten 27, named after its address at 1027 Davis Street. Former minority owner Lee Katz retained rights to the Turin name and continues as minority owner in Turin Bicycles in Denver, Colorado, Chris Mailing took over sole ownership of the Evanston shop.

“Unfortunately, several factors have made this closure necessary,” said Mailing. “The name change we executed last spring has not gone as planned. In the context of a soft economy, the expense and difficulties of that name change have been too great to bear. We sincerely regret disappointing our loyal customers. That our store has served the cycling community for so long is a testament to our devoted staff and the enthusiasm of our customers.”

Ten 27 began a storewide clearance Monday, with all merchandise discounted 15 to 40 percent. Additional markdowns will be taken on any remaining items over the next few weeks. In addition, quantity discounts on any purchase of three or more items will be offered, but for a limited time.

“It is rare to have current merchandise by the popular brands we carry discounted to such an extent,” said Mailing. “We are also selling our rental bikes, used kids’ bikes and used trainers at favorable prices.” The shop’s furniture and fixtures are also for sale.