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Bloomberg: Golfsmith Files for Bankruptcy

September 15, 2016, 07:05 AM
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Bloomberg reports that Golfsmith International Holdings Inc. filed for bankruptcy, hoping to reorganize or attract a buyer who can save the golf-gear retailer as the sport’s popularity fades in North America.

According to the Bloomberg report, Golfsmith listed debt and assets of as much as $500 million each in Delaware court Wednesday, and said it would try to sell part of the chain as a going concern while shutting some stores. If that fails, the Austin, Texas-based company will liquidate, according to a resolution by Golfsmith directors included in the Chapter 11 filing. The company blamed an aggressive plan that began in 2011 to open bigger stores that cost more to operate just as golf began to lose popularity.

Read the full Bloomberg report: Golfsmith Files Bankruptcy With Sport’s Popularity Fading

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