International golf store in US files for bankruptcy
Posted on Friday, September 16th, 2016 at 6:59 pm
Golfsmith International Holdings, an international golf store and company based in Texas, recently filed for Chapter 11 bankruptcy after harboring overwhelming debt, an article of Golfweek reported on September 14.
Reports revealed Golfsmith stores in the U.S. will continue doing business amid the Chapter 11 bankruptcy filing they made in Delaware. The company’s bankruptcy goal is to look for a buyer. Golfsmith has roughly $200 million worth of debt after making some loan attempts in previous years. The excessive debts of the business came when there was a decline in the golfing population from 2011 to 2015. Other of Golfsmith’s direct competitors have decided to cease operations. If Golfsmith fails to find a buyer, its owners will be forced to liquidate all its assets.
The lawyers at the Bradford Law Offices, PLLC represent Raleigh business owners who are struck with overwhelming debt. If you are in such a frustrating situation, we may be able to offer you legal options so you can recover your financial footing. Call us today at (919) 758-8879 to learn more about your options.