الثلاثاء، 18 أكتوبر، 2016

Dick’s Plans To Bid On Bankrupt Competitor Golfsmith

This has been a bad year to be in the brick-and-mortar sporting goods business, unless you’re the dominant chain in that market, Dick’s. Golfsmith filed for bankruptcy protection earlier this year, and a major competitor was Golf Galaxy, a similar specialty chain owned by… Dick’s. Now the bankrupt chain’s former competitor is reportedly preparing to buy its United States business, at least, out of bankruptcy.

Golfsmith still has a few options at this point. While no one has offered to buy the whole company yet, selling would still be an option if an interested buyer showed up. Dick’s is only interested in the U.S. stores, but more than a third of the chain is in Canada.

Dick’s has been given extra time to get its bid in: the official auction is tomorrow, and the deadline was officially Monday. While the bids aren’t public, an inside source told Reuters about the proceedings.

Another competitor, Worldwide Golf Shops, has also reportedly submitted its own bid, working with a major liquidator, Great American Group. Presumably the partners’ plan would be to keep some stores and liquidate the rest.

Dick’s prepares bid for bankrupt retailer Golfsmith’s U.S. stores: sources [Reuters]


by Laura Northrup via Consumerist

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