Deals
Golfsmith Files Bankruptcy With Sport’s Popularity Fading
- Company lists assets, debt of as much as $500 million
- Retailer will try to sell part of chain, close stores
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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.
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.