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Bankruptcy May Be Your Option

How Tiger Woods impacted one company's bankruptcy decision

When a company in Oklahoma is successful, they often make decisions whether they should expand based on their past and current sales. Unfortunately, unexpected changes occur in the market, including the overall popularity of a sport, which can impact sales. One company, headquartered in a different state, that specialized in selling golf equipment cites several changes in market conditions as the impetus behind their recent bankruptcy filings.

Famed golfer Tiger Woods brought a great deal of attention to sport of golf. However, fewer people are turning to the sport in the wake of his waning popularity. In fact, many people are uninterested in the sport due to its slow pace and time commitment.

Golfsmith International Holdings Inc., a company that specializes in retail golf gear, now feels the sting of the sport's decline in popularity. The company also claims that the decline coincided with the company's decisions to create bigger stores, which increased operational costs. Recent bankruptcy filings indicate that the company has over $500 million in both assets and liabilities. Court papers indicate that the company intends to close several stores while simultaneously seeking a buyer for parts of the chain.

Many companies in Oklahoma have also suffered as a result of unexpected changes in market conditions. For many, the best option to manage debt is following the same path of Golfsmith International and seek bankruptcy protection. An attorney with experience with bankruptcy law can help both companies and individuals who are struggling with debt understand their options for relief.

Source: bloomberg.com, "Golfsmith Files Bankruptcy With Sport's Popularity Fading", Steven Church and Lauren Coleman-Lochner, Sept. 14, 2016

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