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Golfsmith International Files for Chapter 11 Protection
Plan calls for store closures in U.S. and sale of Canadian retail chain.
Golfsmith will close its U.S. stores and sell its Canadian retail chain under a chapter 11 plan filed Wednesday.
By Lillian Rizzo and
Jacquie McNish
Updated Sept. 14, 2016 4:51 p.m. ET
Retailer Golfsmith International Inc. filed for bankruptcy protection on Wednesday, with hopes of finding a buyer for its U.S. operations.
The company, which also sought protection under Canada’s equivalent of chapter 11, is aiming to reduce its footprint, namely in the U.S., and get a handle on its debts.
The Austin, Texas-based company has lined up a buyer for its Canadian chain, which operates about 50 stores under the name Golf Town. The buyer is an entity controlled by Toronto fund manager CI Financial Corp. and Fairfax Financial Holdings Ltd. , both creditors.
In addition to shuttering stores, Golfsmith’s restructuring calls for a reduction in the amount of its junior bonds by roughly 72% and the refinancing of its senior debt. Fairfax and CI have showed their support and signed a restructuring pact.
Golfsmith International, which has about 2,300 employees, was formed in 2012 when Golf Town acquired Golfsmith. That deal was backed by the private-equity arm of the Canadian pension fund OMERs, which pitched in about $132 million of equity to finance the deal, court papers show. OMERS had bought Golf Town in 2007 for $240 million Canadian dollars.
There are 109 Golfsmith stores in the U.S. and 55 Golf Town outlets in Canada.
Golf’s popularity has waned since the heyday of last decade’s Tiger Woods era, and those who have been hitting the links have, until recently, been playing fewer rounds. The National Golf Foundation, an industry research and consulting group, said about 24 million people played the game last year, down from a peak of 30 million in 2005.
There are hopeful signs for a turnaround, with some four million aging baby boomers expected to retire in the coming years. Golfers older than 65 play 80% more rounds of golf than those between the ages of 50 and 64, and the NGF projects that this increase in the number of retirees will boost golf’ popularity.
Still, signs of a rebound notwithstanding, Golfsmith “cannot continue to operate with their current capital structure and 109 retail locations,” Chief Restructuring Officer Brian Cejka said in court papers.
In 2014, Golfsmith began trying to remedy its problems. It started cutting staff and negotiating new leases and contracts with vendors, as well as selling some assets for extra cash, according to court papers. The company, however, still found itself saddled with the unprofitable stores and expensive leases.
While the retailer has found a buyer for its Canadian Golf Town chain, it will seek permission to sell its Golfsmith U.S. stores in a bankruptcy-run auction. Golfsmith has proposed a speedy sale process with bids due Oct. 17, and an auction, if needed, on Oct. 19.
The company says it needs a quick sale to be able to get new inventory into the stores in time for the holiday season. The U.S. stores have attracted “expressions of interest and bids,” and most of the marketing for the chains has already taken place, court papers show.
The company has lined up bankruptcy financing from Antares Capital LP, the successor to GE Capital Corp., that rolls up $135 million in prebankruptcy debt as it pursues a sale of its U.S. stores.
Golfsmith was founded in 1967 as a provider of custom-made golf clubs and repair services. The company moved to its first store location in Austin in 1972 and later operated primarily as a catalog business until the 1990s. It later expanded its footprint and online presence and went public in 2006.
Its Canadian counterpart, Golf Town opened its first store in Toronto in 1999 and quickly expanded to its more than 50 stores.
The law firm of Weil, Gotshal & Manges is handing the chapter 11 case, and the company has hired financial adviser Alvarez & Marsal and investment bank Jefferies LLC.
The case number is 16-12033. Judge Christopher S. Sontchi will consider Golfsmith’s initial bankruptcy requests at a hearing slated for Thursday afternoon in U.S. Bankruptcy Court in Wilmington, Del.
Write to Lillian Rizzo at Lillian.Rizzo@wsj.com and Jacquie McNish at Jacquie.McNish@wsj.com
2014년 부터 악화된 재무상태로 구조조정도 해봤으나 역부족..
이젠 새 주인을 기다리며 10월에 있을 옥션의 결과를 기대해야 할 듯..
타이거 우즈의 위력이 얼마나 컷었는지 2005년에 골프인구가 3천만명이었던 것이
우즈가 맥을 못춘지 오랜 작년엔 2천4백만명으로 줄었다니 격세지감이다
나이키도 불과 얼마전 골프장비에서 손을 떼고 옷과 신발에만 집중하겠다고 해서
샵들 마다 대대적인 나이키 클럽을 세일 중인데
그래서 요즘 골프장들 마다 세일이 부쩍 많아진 모냥이다..
골퍼들에겐 희소식일지 장기적으론 악재일지 모르겠다
..
Plan calls for store closures in U.S. and sale of Canadian retail chain.
Golfsmith will close its U.S. stores and sell its Canadian retail chain under a chapter 11 plan filed Wednesday.
By Lillian Rizzo and
Jacquie McNish
Updated Sept. 14, 2016 4:51 p.m. ET
Retailer Golfsmith International Inc. filed for bankruptcy protection on Wednesday, with hopes of finding a buyer for its U.S. operations.
The company, which also sought protection under Canada’s equivalent of chapter 11, is aiming to reduce its footprint, namely in the U.S., and get a handle on its debts.
The Austin, Texas-based company has lined up a buyer for its Canadian chain, which operates about 50 stores under the name Golf Town. The buyer is an entity controlled by Toronto fund manager CI Financial Corp. and Fairfax Financial Holdings Ltd. , both creditors.
In addition to shuttering stores, Golfsmith’s restructuring calls for a reduction in the amount of its junior bonds by roughly 72% and the refinancing of its senior debt. Fairfax and CI have showed their support and signed a restructuring pact.
Golfsmith International, which has about 2,300 employees, was formed in 2012 when Golf Town acquired Golfsmith. That deal was backed by the private-equity arm of the Canadian pension fund OMERs, which pitched in about $132 million of equity to finance the deal, court papers show. OMERS had bought Golf Town in 2007 for $240 million Canadian dollars.
There are 109 Golfsmith stores in the U.S. and 55 Golf Town outlets in Canada.
Golf’s popularity has waned since the heyday of last decade’s Tiger Woods era, and those who have been hitting the links have, until recently, been playing fewer rounds. The National Golf Foundation, an industry research and consulting group, said about 24 million people played the game last year, down from a peak of 30 million in 2005.
There are hopeful signs for a turnaround, with some four million aging baby boomers expected to retire in the coming years. Golfers older than 65 play 80% more rounds of golf than those between the ages of 50 and 64, and the NGF projects that this increase in the number of retirees will boost golf’ popularity.
Still, signs of a rebound notwithstanding, Golfsmith “cannot continue to operate with their current capital structure and 109 retail locations,” Chief Restructuring Officer Brian Cejka said in court papers.
In 2014, Golfsmith began trying to remedy its problems. It started cutting staff and negotiating new leases and contracts with vendors, as well as selling some assets for extra cash, according to court papers. The company, however, still found itself saddled with the unprofitable stores and expensive leases.
While the retailer has found a buyer for its Canadian Golf Town chain, it will seek permission to sell its Golfsmith U.S. stores in a bankruptcy-run auction. Golfsmith has proposed a speedy sale process with bids due Oct. 17, and an auction, if needed, on Oct. 19.
The company says it needs a quick sale to be able to get new inventory into the stores in time for the holiday season. The U.S. stores have attracted “expressions of interest and bids,” and most of the marketing for the chains has already taken place, court papers show.
The company has lined up bankruptcy financing from Antares Capital LP, the successor to GE Capital Corp., that rolls up $135 million in prebankruptcy debt as it pursues a sale of its U.S. stores.
Golfsmith was founded in 1967 as a provider of custom-made golf clubs and repair services. The company moved to its first store location in Austin in 1972 and later operated primarily as a catalog business until the 1990s. It later expanded its footprint and online presence and went public in 2006.
Its Canadian counterpart, Golf Town opened its first store in Toronto in 1999 and quickly expanded to its more than 50 stores.
The law firm of Weil, Gotshal & Manges is handing the chapter 11 case, and the company has hired financial adviser Alvarez & Marsal and investment bank Jefferies LLC.
The case number is 16-12033. Judge Christopher S. Sontchi will consider Golfsmith’s initial bankruptcy requests at a hearing slated for Thursday afternoon in U.S. Bankruptcy Court in Wilmington, Del.
Write to Lillian Rizzo at Lillian.Rizzo@wsj.com and Jacquie McNish at Jacquie.McNish@wsj.com
2014년 부터 악화된 재무상태로 구조조정도 해봤으나 역부족..
이젠 새 주인을 기다리며 10월에 있을 옥션의 결과를 기대해야 할 듯..
타이거 우즈의 위력이 얼마나 컷었는지 2005년에 골프인구가 3천만명이었던 것이
우즈가 맥을 못춘지 오랜 작년엔 2천4백만명으로 줄었다니 격세지감이다
나이키도 불과 얼마전 골프장비에서 손을 떼고 옷과 신발에만 집중하겠다고 해서
샵들 마다 대대적인 나이키 클럽을 세일 중인데
그래서 요즘 골프장들 마다 세일이 부쩍 많아진 모냥이다..
골퍼들에겐 희소식일지 장기적으론 악재일지 모르겠다
..
추천 0 작성일2016-09-14 22:57
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