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Golfsmith International Holdings has filed for economic failure, hoping to fix or magnetize a buyer that could sideline the golf-gear seller as the Xgtiger Casino sport fades in North America. Golfsmith’s assets and debts are listed as $500 million all in Delaware court. They planned to close some stores to solve the issues in the best way.
Some parts of the stores will be sold to cover the problems of the bankruptcy. If that doesn’t work out, the Austin, Texas-based company will pay the debt, according to a declaration by Golfsmith’s directors included in the Chapter 11 filing.
The company charged a destructive chart that began in 2011 to open larger, higher-priced stores to operate as golf began to lose ground. Unfortunately, GSI’s company-wide expansion efforts also coincided with the wrinkle caused by these factors in the market. Brian E. Cejka, the chief reform officer, said of leaving Golfsmith with an outsized track shop in court papers filed in Wilmington.
Golfsmith’s Canadian business is operated under the Golf Town brand. A joint venture of CI Investments and Fairfax Financial Holdings Limited has offered to buy that business. A separate insolvency case in that country will oversee the expected sale, Golfsmith said.
CI Investments, a Toronto-based investment management firm, owns about 40 percent of the company’s superior notes. Toronto-based Fairfax Financial Holdings Limited is an insurer managed by Prem Watsa. CI and Fairfax also signed a reorganization support agreement to help reorganize and rebuild the U.S. business. said Brian E. Cejka.
The golf blacksmith will request new bids for the business. If no better proposal comes along, U.S. business will be acquired by the senior note holders. This is said according to the company’s declaration. U.S. business will try to restructure its operations by closing weak stores and refinancing liabilities.
If the court approves the bankruptcy case, Antares Capital LP will offer a $135 million liquidation credit the company said. In 2012, Golfsmith merged with Golf Town of Canada to become one of the world’s leading golf specialty retailers. Golf Town is owned by OMERS Private Equity as a division of Ontario’s municipal employees’ retirement endowment.
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