Golf Shaft maker filed for Chapter 11 bankruptcy today, citing the downturn in the industry. It apparently has a pre-arranged plan in position and agreements with all secured creditors.
As noted in this blog, the company lost $170 million in 2008.
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I hope this isn’t a first in a series. The way the manufacturers are cutting prices they have to be hurting pretty bad.
I have been wanting to get an electic push cart, preferably a Sun Mountain. The last model was discontinued over two years ago. They list a new model as coming for 2009 on their website, but nothing other than that. My guess is that they are holding off on starting production until there is more demand so they don’t stack up inventory that will be slow to sell.
What is the status of the golf industry ?
From what I have read,seen and hear it seems the industry does not want to give out to much info..
They keep saying that it’s tough but here in the chicagoland area this past summer prices really did not come down. yes, there were discounts but only little.
The Muni’s are doing very well which leads me to beleive that the better course’s are not.
prices for the more branded golf clubs have not come down for the 2009 and the new 2010.
Any thoughts from your readers?
Thanks
sidvicius
Will True Temper give their creditors “the shaft”?
Sorry…:(