Businessweek is reporting that Edwin Watts Golf Shops, LLC, which sells golf equipment and apparel, has filed for Chapter 11 bankruptcy protection.
The company, owned by an affiliate of private-equity firm Sun Capital Partners Inc., listed assets and liabilities between $100 million and $500 million. Callaway Golf Co. (ELY:US) is the largest unsecured creditor, with a claim of $4.6 million, according to papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
The move is said to be the company's attempt to reorganize internally. Once available primarily as an online retailer, Edwin Watts has since branched out to almost 90 brick-and-mortar store locations throughout the United States. In 2010, the company partnered with Sears to install Edwin Watts golf shops within a number of the major retailer's stores.