The biggest story to hit the golf equipment world in the last 5 years (NIKE Exiting Equipment Business) is barely even 24 hours old and its shockwaves are still being felt.
The next story might have more lasting impact.
Golfsmith is faced with possibly having to file for bankruptcy.
More details to follow soon.
Here is the full report from Bloomberg:
“Golfsmith International, the retailer of golf clothing and equipment, is considering filing for bankruptcy as it looks for a new owner, according to people with knowledge of the situation.
Golfsmith hired the investment bank Jefferies LLC to solicit buyers for the roughly 150-store chain, without success so far, said the people, who didn’t want to be identified because the process isn’t public. The company also hired Alvarez & Marsal to help it restructure, according to the people, who said that a sale could come as part of a Chapter 11 filing.
More on GolfSmith History:
Founded by Carl and Barbara Paul in 1967, Golfsmith began as a custom golf club components supplier. As of August 2014, the company had expanded to comprise over 100 retail stores in over 20 states, selling golf clubs, performance apparel, skills improvement products, etc.
Golf Guru
8 years ago
Personally, I love the Golfsmith store in Warrensville, OH. Like any new retail store the staff was a little shakey the first few years but as of this year they have a great management staff, knowledgeable fitters, and I believe all but 2 reps can so regrips or club alterations (cut length, bend lie angles, etc.).
It sucks to walk in now and see clothing racks scarce! With Nike bowing out, and the industry tanking, the business model of a big box store is changing. Consumers are buying online more but they still need to get fitted. What good is it if you just buy a club based on price, go have a bad round, then blame the club. Duhhhh! It’s the CARPENTAR NOT THE NAIL!! At least at golfsmith you can try the new clubs on the course for 30 days (i think it’s 90 in some southern stores) and if you’re not happy, take it back! I know others online vendors offer this but you need to test the club first.
I feel bad for those with a bad Golfsmith in their home towns. My store is awesome and all the associates there care about golf. We need more of them!
3-wood
8 years ago
I go to the same store and love the people who work there and the store. I will be very sad if they close.