Golfsmith files for bankruptcy, to sell Canadian retail chain: Reuters
Specialty golf retailer Golfsmith International Inc, a portfolio company of OMERS Private Equity, has filed for Chapter 11 bankruptcy and agreed to sell its Canadian retail chain to a group led by Fairfax Financial Holdings Ltd and a unit of CI Investments Inc, Reuters reported. Golfsmith listed both its assets and liabilities at between US$100 million and US$500 million, according to a filing with the U.S. Bankruptcy Court for the District of Delaware. The company said it plans to sell itself as a going concern and partially liquidate the business. However, if the plan fails, the company plans a full liquidation. Austin, Texas-based Golfsmith said it was working with its first-lien lenders to finalize the terms of a US$135 million debtor-in-possession financing facility.
