The world’s largest golf retailer, Golfsmith International, filed for bankruptcy this week. Shortly after, the company announced it would close 20 of its 109 stores, including its shop on Fifth Avenue.
Golfsmith CEO David Roussy announced plans to shutter stores by October 31, according to the New York Post.
Back in 2012, Golfsmith helped bring the 72,000-square-foot retail space at 420 Fifth Avenue, which struggled with low rents and a dearth of tenants during the recession, to full occupancy. Now that space will soon hit the market.
However, the retailer’s other Manhattan location at 641 Lexington Avenue is not closing.
The Austin, Texas-based chain has struggled amidst golf’s declining popularity. Roughly 6 million people, or 20 percent of those who regularly play golf, have quit the sport since 2000. [NYP] –Christopher Cameron