Dick's Sporting Goods Inc. is preparing a bid for the U.S. business of bankrupt Golfsmith International Holdings Inc., challenging an offer by rival retailer Worldwide Golf Shops, Reuters reported yesterday. While bids for Golfsmith, owned by OMERS Private Equity Inc., the buyout arm of one of Canada's largest pension funds, were due earlier on Monday, Dick's was given an extension until today to submit its offer. The bankruptcy auction will the test the value of Golfsmith, which suffered because of competition from discount retailers Wal Mart Stores Inc. and Amazon.com Inc., as well as golf's waning popularity among younger customers. Privately-held Worldwide Golf Shops was preparing to submit a bid for Golfsmith on Monday, in partnership with liquidators from Great American Group LLC. Read more.
Why are U.S. retail reorganizations so hard? Read the cover story of the October ABI Journal.
