Edwin Watts Golf Shops, the golf-specialty retailer that claims to offer the largest inventory of pro-line golf equipment, apparel and accessories through its 90 domestic retail locations and via its web portal, filed for Chapter 11 bankruptcy protection, Bloomberg reported.
According to papers filed Nov. 4 in U.S. Bankruptcy Court in Wilmington, Del., and cited by Bloomberg, the Fort Walton Beach, Fla.-based retailer listed assets and liabilities between $100 million and $500 million. Callaway Golf is the largest unsecured creditor, with a claim of $4.6 million. The retailer also said it had obtained a loan of as much as $38 million to fund operations in bankruptcy.
Edwin Watts, which was founded in 1968 and is owned by private-equity firm Sun Capital Partners, noted in its filing that it agreed to sell certain assets to GWNE.
The full filing is: Edwin Watts Golf Shops LLC, Case No. 13-12877, U.S. Bankruptcy Court, District of Delaware.
Appears the golf industry is still hurting given one of the largest golf retailers filed Chapter 11 today. I placed an order yesterday with them, I guess it's 50/50 whether I ever get the products I ordered.