Golfsmith’s Sale to Dick’s Approved

47876895_l.jpgIt’s official.  The bankruptcy court has entered its order approving Golfsmith’s sale.  The successful bidder is a joint venture bid submitted by Dick’s Sporting Goods, Inc. and a contractual joint venture of liquidators Hilco Merchant Resources, LLC, Gordon Brother Retail Partners, LLC, and Tiger Capital Group, LLC.

The company has indicated that Dick’s will operate some of Golfsmith’s existing retail locations, employing approximately 500 of its former employees. There is not yet a definitive list of the stores to be acquired in the purchase.  (Rather than accepting an assignment of Golfsmith’s leases on the closing date, Dick’s is acquiring designation rights with respect to certain of those leases. So landlords can expect some haggling over lease terms before the dust settles.)  Avoidance actions will remain behind in Golfsmith’s bankruptcy estate.

The Notice of Selection of Successful Bidder & Backup Bidder [Doc. #404] and the Order Approving Sale of All or Substantially All of Debtor’s Assets [Doc. #457] are available for download here.

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