Texas-Based Golfsmith Seeks Chapter 11 Bankruptcy Protection

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AUSTIN (AP) – Golfsmith International Holdings has filed for Chapter 11 bankruptcy reorganization.

The Austin-based golf retailer announced the filing Wednesday in federal bankruptcy court in Delaware.

The company, according to its website, is the largest specialty golf retailer in the world with 109 Golfsmith stores in the U.S. and 55 Golf Town stores in Canada.

A Golfsmith statement says, as part of reorganization, the company plans to sell its Golf Town Canada to a group led by Fairfax Financial Holdings Ltd. The Golf Town agreement is expected to close at the end of October.

The company says Golf Town and Golfsmith operations will continue uninterrupted during the Chapter 11 proceedings.

(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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