January 17, 2017 4:12 PM ET

Specialty Retail

Company Overview of Golfsmith International, Inc.

Company Overview

Golfsmith International, Inc. operates retail outlets for golf clubs, golf club components, club assembly tools, and golf accessories for consumers and club makers. It offers golf equipment, merchandise, and training curriculum for consumers and golf club making businesses through its retail super stores, as well as through an online store. The company provides various golf products, including accessories, apparel, balls, carts, club fittings, gifts and games, gift cards, gloves, club grips, bags and travel, home and office, gears, shoes, sunglasses, and videos and books. Golfsmith International, Inc. was founded in 1967 and is based in Austin, Texas. Golfsmith International, Inc. operates a...

11000 North IH-35

Austin, TX 78753-3195

United States

Founded in 1967

Phone:

512-837-8810

Fax:

512-837-1019

Key Executives for Golfsmith International, Inc.

Chief Executive Officer and President
Age: 58
Chief Financial Officer
Age: 51
Senior Managing Director of Omers Private Equity and Director
Age: 55
Compensation as of Fiscal Year 2016.

Golfsmith International, Inc. Key Developments

Bidding Procedure Approved for Golfsmith International Holdings Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Golfsmith International Holdings Inc. on December 13, 2016. The Court approved the asset purchase agreement between the debtor and B.H. Management, Inc., the stalking horse bidder, for the sale of its certain assets for a purchase price of $22.15 million in cash. The debtor’s assets include 40-acre campus located in Austin, Texas. To qualify as a qualified bidder, interested parties should submit their bids by January 6, 2017. The initial minimum overbid should be at least $1 million more than the initial purchase price along with a good faith deposit equal to 10% of the purchase price. The debtor has scheduled an auction on January 12, 2017. The stalking horse bidder would be entitled to a break-up fee of $0.50 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 17, 2017.

Motion for Asset Sale Filed by Golfsmith International Holdings Inc.

Golfsmith International Holdings Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on November 22, 2016. The debtor seeks the Court’s approval for the sale of its certain assets to B.H. Management, Inc., the stalking horse bidder, for a purchase price of $22.15 million in cash pursuant to the stalking horse agreement dated November 22, 2016. Under the terms of the agreement the buyer shall make an earnest money deposit of $0.25 million on the effective date of the stalking horse agreement. If the stalking horse agreement has not terminated on or prior to the inspection period, the stalking horse bidder is required to pay to the debtors an additional earnest money deposit in the amount of $1.97 million. The debtor’s assets include 40-acre campus located in Austin, Texas. To qualify as a qualified bidder, interested parties should submit their bids by January 6, 2017. The initial minimum overbid should be at least $1 million more than the initial purchase price along with a good faith deposit equal to 10% of the purchase price. The debtor has scheduled an auction on January 12, 2017. The stalking horse bidder would be entitled to a break-up fee of $0.50 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 17, 2017.

Motion for Asset Sale Approved for Golfsmith International Holdings Inc.

Golfsmith International Holdings, Inc. filed a notice in the US Bankruptcy Court for the selection of successful bidder for the sale of substantially all its assets on October 27, 2016. As per the notice filed, Dick’s Sporting Goods, Inc. along with a contractual joint venture of Hilco Merchant Resources, LLC, Gordon Brothers Retail Partners, LLC, and Tiger Capital Group, LLC has been selected as the successful bidder and a contractual joint venture comprising WorldWide Golf Enterprises, Inc. and Great American Group, LLC has been selected as the backup bidder. The sale haring has been scheduled for October 31, 2016. Michael Walsh and William Gutowitz of Weil, Gotshal & Manges LLP represented the debtor as legal advisors and Scott K. Charles and Neil M. Snyder of Wachtell, Lipton, Rosen & Katz represented Dick’s Sporting Goods as legal advisors.

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