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Dick's Wins Golfsmith's U.S. Business In Bankruptcy Auction, Will Keep 30 Stores Open

Dick's Sporting Goods on Friday "teamed up with liquidators" and won a "bankruptcy auction" for the U.S. business of Golfsmith with a bid of about $70M, according to sources cited by Jessica DiNapoli of REUTERS. The sources said that Dick's plans to "keep open at least 30 Golfsmith stores and wind down the rest with liquidators from Hilco Global and Tiger Capital Group." It plans to "keep about 500 of the company's employees." The sources said that Dick's also "won Golfsmith's intellectual property and inventory." DiNapoli noted Dick's "already operates its own specialty golf shops, called Golf Galaxy." One source said that it is "unclear whether Dick's will re-brand the Golfsmith shops." Dick's "beat out a competing bid from Worldwide Golf Shops and liquidators from Great American Group LLC, who had also planned to carry forward about 30 Golfsmith stores and shutter the rest" (REUTERS, 10/21).

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