Retailer Edwin Watts Golf Shops files for bankruptcy (www.reuters.com)

[Moecat]

http://www.reuters.com/article/2013/11/04/edwinwattsgolf-bankruptcy-idUSL3N0IP1FV20131104

 

Nov 4 (Reuters) - U.S. golf retailer Edwin Watts Golf Shops LLC filed for chapter 11 bankruptcy protection early on Monday, a court filing showed.

The retailer, owned by private equity firm Sun Capital Partners Inc, listed out estimated liabilities and assets of $100 million to $500 million.

The Fort Walton Beach, Florida-based company sells golf equipment,apparel, and accessories through its more than 88 domestic retail stores and also via its web portal.

The case is Edwin Watts Golf Shops LLC, Case No. 13-12877, U.S.Bankruptcy Court, District of Delaware.

[dru_]

This should be interesting.  Chapter 11 is generally a reorg effort to dump boat anchor debt.  I would imagine that this is a move to let the divest some severely underperforming stores and shed some over expansion debt.  It will be interesting to see the plan when it gets filed.

[Hula Rock]

Very interesting.  "Watts" use to be my choice of BIG Box stores when I needed supplies.  The problem that I see is that they started to carry garbage and garbage does not move.  Now the only reason I visit is to have some work done by one of their Master Club builders which happens to be one of the best in that trade.  Hope they can pull out of this, it would be a shame to see them close the doors for good.

[fozcycle]

_{For the past several years, I stop by a local Edwin Watts to browse on my way home from work.....I have made purchases there over the years.......and chat with the guys.}

 

_{However, I cannot recall stopping by, usually after work...5:00 - 6:00 timeframe and seeing more than one or two other customers in the store.}

 

_{Best of luck to them!}

[JohnBarry]

Re-organizing I am sure, losing the worst doors and ridding of debt

[Hula Rock]

JB:

 

There use to be one at the corner of Virginia Beach BLVD and Newtown road that I use to go to all of the time.  Tim was the Manger, small shop, great customer service...

[BIG STU]

Never have been to one. I think the closest one to me is in Charlotte NC. The competition had heated up here at the beach with the new Golfsmith store competiting with PGA Superstore and another local "big box" store called Golf Deminsions. I do like the new Golfsmith store at the beach though. I mostly shop for clubmaking supplies which is real handy for me since I work near it 3 days a week. I don't usually look at the new stuff from the so called OEM manufacturers because I am into the custom component stuff (not clones). Their staff is really friendly and helpful. Lately though in the last couple or month or so their clubmaking stock has drastically dwindled and they have not restocked it yet so I may have to go back and order from Maltby or Diamond Tour etc.

[Tyk]

Edwin Watts bought out one of the best local golf shops in the KC area, taking over a couple good sized stores in prime shopping areas.  They seem to be doing pretty well here although it has been a long time since I have made a purchase there.  I prefer to support my course or one of my two favorite local shops.

 

There's a ton of competition though, at one of thier locations Edwin Watts has Dicks Sporting Goods, GolfSmith, and Golf Galaxy within 1/2 a mile.  I often wonder how one of those stores can survive, much less all of them!

[JohnBarry]

Hula it's long gone, I remember it, great people but horrible selection.

[Hula Rock]

JB,  can't be as bad as the selection at Golf headquarters in Greenbriar in back of Target.  Dave is a cool guy though.....

[JohnBarry]

Think that is gone also

[fozcycle]

Stopped by EW in Tampa (Dale Mabry Hwy) after work tonight…….everything looks like business as usual……no more than 6 people in store….I was there for about 30 minutes…..no closeouts.

[dru_]

Bet the staff doesn't even know.

[fozcycle]

Stopped by the Tampa EW on Dale Mabry Hwy last night.......

 

Big Signs across the front of the store:

 

"STORE CLOSING"

 

"All Items 10 to 30% off"

 

Now this store is only 3 to 4 years old...as they relocated from a small storefront to this giant store......again, only a handful of customers in the store at 5:30 PM.

 

I also noted that all New clubs are marked 10% Off.

[BIG STU]

I read on another golf blog today (gasp!) that the store in Charleston SC was closing. The writer further stated that the one in Myrtle Beach was closing. Guess what? There has never been a Edwin Watts in Myrtle Beach. So I do not know if that poster knows what he is talking about or not

[dru_]

In Atlanta they are closing all but one store.  eyeballing an r1 xstiff @199.  will bull the trigger if it survives the next round of discounts....