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"For 16 years Bethel Cycle has been my life," Pelican said in the post. "I have given it my all."
The shop is a fixture in town, but business has eroded quickly over the past few years, Pelican says. He attributes that drop to the low prices available for bikes on the Internet.
The competition has resulted in a loss of sales and made it difficult for the small seasonal shop to stay open, according to Pelican.
The business grew strongly, more than doubling by 2010, Pelican says.
"I am especially proud of the club we created and I remain touched by the passion and commitment of our riders," he wrote in the Facebook post.
"We shared some amazing experiences. We had riders win World and National Championships and the Bethel Cycle jersey was known all over the world. I want to thank all of our customers, club members, racers, sponsors our employees and my good friends and family who have supported my dream."
Some items are up to 60 percent off in the store.
Bethel Cycle is located at 5 Depot Place. Call 203-792-4640 or visit its website and Facebook for more information.
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