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Golf's biggest retailer may seek debt relief

Many still believe in the idea that some companies are too big to fail. After the economic uncertainties that many corporations faced in Kentucky several years ago, that belief has mostly been proven false. Case in point: The largest golf retailer in the United States now stands at the brink of bankruptcy, and may need to seek debt relief.

Golf can easily become an expensive sport. The cost of clubs, clothing, shoes and green fees can mount quickly. Since 2000 and the subsequent economic downturn, statistics show that as many as 20 percent of players have left the sport in the United States. To put it in perspective, this amounts to roughly six million people.

Golfsmith's major issue is the amount of its debt. The company has attempted to sell itself, but negotiations have apparently failed at this point. If the company files for bankruptcy, some experts believe that it may be bought by Dick's Sporting Goods, which places great emphasis on the sale of golf equipment.

The decision to seek debt relief can be a difficult one for many companies in Kentucky. However, it can also be a way for a company in debt to make a fresh start or begin a new business venture when faced with severe financial challenges. Regardless of the circumstances a business is facing, it could be beneficial to speak with an attorney who focuses on bankruptcy law. An attorney will be able to evaluate a client's unique financial situation, and discuss the various forms of bankruptcy or debt relief that are available.

Source: New York Post, "World's largest golf retailer on the verge of bankruptcy", Josh Kosman, Sept. 13, 2016

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