AUSTIN, Texas—Austin-based golf Golfsmith International Holdings Incorporated has filed for bankruptcy.
According to the Austin Business Journal, the equipment retailer will close under-performing stores and sell its Canadian-focused subsidiary, Golf Town Incorporated. The retailer has more than 160 stores nationwide. According to documents the company owes between $100 million and $500 million to creditors.
The CEO blames a recession-driven decline in golf. The company has asked the court to approve a restructuring plan for business operations.