Bermuda’s struggling economy has claimed another victim, with cycle livery Wheels closing its doors citing an “extremely challenging trade” for both rental and retail bike sales.Signs on the windows of the Dundonald Street store told the public of its demise though it will remain open until the end of the month to collect rental cycles and return private property.According to a company spokesperson, a “majority” of the nine remaining staff have been offered positions within The MarketPlace Ltd, the sister company of Wheels.“Due to the continued economic downturn, Wheels Ltd., is winding down business over the next few weeks. The decline in tourist rentals and drop in retail sales over the past two-year period has seen the business shrink to one location,” the spokesperson said. “As a result, the decision was made to terminate the business as inventory levels were sold off and service and repair commitments were satisfied.”According to one employee, management had given the shop several months to see if sales would turn around.“They had been trying to keep it going for a while but it just didn’t work out,” he said.A sign on the door of the shop reads: “It is with great regret that we have to inform our customers of the closure of Wheels Cycles (Hamilton) Ltd. The recent economic conditions have meant for extremely challenging trade and the decline of both rental and retail business has unfortunately left us in a position were (sic) we can no longer sustain operations.”Evidence the company was in trouble showed up last autumn when the company closed its Front Street store due to a “substantial” drop in business and laid off three people, including one who had worked for the company for 16 years.In May, with its Dundonald Street location remaining, the company cut five more jobs, including long-serving senior level positions, blaming the continuing economic downturn.Wheels took over the Front Street store when it acquired Astwood Cycles more than a decade ago.The cycle livery was also operating out of Grotto Bay Hotel but Oleander Cycles took over that location earlier this year.Anyone with questions about returning a rental bike or picking up personal property should call 295-0112 or e-mail sales@wheels.bm.