On Wednesday, we reported that things weren't looking too good for Golfsmith International Inc. Well, the retailer has now filed for bankruptcy protection. In addition to here in the U.S., Golfsmith also sought protection under Canada’s chapter 11 equivalent. The company is based in Austin, Texas, but is hoping to get some control of its debts by finding a buyer for its Canadian chain Golf Town. The buyer is an entity controlled by Toronto fund manager CI Financial Corp. and Fairfax Financial Holdings Ltd.
Total Retail’s Take: The popularity of golf has declined in recent years. Experts say that millennials haven’t taken to the sport like older generations have in the past. This undoubtedly plays a part in Golfsmith’s decline. In fact, Golfsmith isn’t the only retailer suffering from the declining interest in the game. Nike recently announced that it's stepping away from selling golf equipment as well.