A company that makes Warrior-brand golf clubs and manages 18 golf courses filed for bankruptcy after missing two key payments, the latest in a series of setbacks that have plagued the business, WSJ Pro Bankruptcy reported. Irvine, Calif.-based Westwind Manor Resort Association Inc. and related businesses sought protection from creditors on Monday in U.S. Bankruptcy Court in Laredo, Texas, with about $55 million in liabilities. Its Warrior Custom Golf Inc. business makes clubs and has about 70 employees. It typically has annual revenue of about $15 million. Over the years, the private company also has raised more than $100 million from about 2,200 investors to buy golf courses. That division has about 270 employees. The courses generate about $13 million in annual revenue but had a $680,000 operating loss last year. Jeremy Rosenthal, chief restructuring officer, laid out several reasons for the bankruptcy, including a drop in the number of golfers, too many courses, and rising water, equipment and labor costs.
