Golfsmith International, the retailer of golf clothing and equipment, filed for Chapter 11 bankruptcy protection in Delaware as the sport loses popularity in North America.
The company, which merged with Canada’s Golf Town in 2012 to become what it called the largest specialty golf retailer in the world, is owned by OMERS Private Equity Inc., part of the Ontario municipal employees’ pension fund.
The golf industry hasn’t recovered the popularity it enjoyed at the turn of the century, when Tiger Woods dominated the sport and attracted hordes of new fans. Millennials in particular haven’t embraced golf’s slow pace and hours-long time commitment. The number of U.S. players declined to 24.1 million last year from 25.7 million in 2011, according to the National Golf Foundation.
The case is: In Re: Golfsmith International Holdings Inc. No. 16-12033.
This article was provided by Bloomberg News.