An institution in Winnipeg's cycling and skiing community is shutting down after 52 years in business, staff have announced.

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Gord's Ski and Bike on Donald Street is now closed, as the company is now in the hands of a receiver, staff announced late Thursday. (Google Street View)

Gord's Ski and Bike announced on its Facebook page late Thursday that the company is now in the hands of a receiver and a liquidation sale will happen soon.

Founded in 1961 "in the coat check in the Winnipeg Ski Club," Gord's Ski and Bike had three locations during its "glory days" and more than 30 staff in Winnipeg and Banff.

"Gord's will live on in all our hearts as not only the place where we worked but where we shared our passions and where we gathered to pay tribute to the legacy of Gord Reid," the company stated on its Facebook post.