Edwin Watts Golf names Hilco/GWNE joint venture as successful bidder

By Jim Witters

Wilmington, Del., Dec. 4 - Edwin Watts Golf Shops, LLC identified a joint venture between Hilco Merchant Resources, LLC and GWNE, Inc. as the successful bidder for substantially all of the company's assets in a Dec. 4 filing with the U.S. Bankruptcy Court for the District of Delaware.

The auction occurred on Dec. 3.

GWNE and Hilco previously teamed on a stalking horse bid that dissolved when GWNE failed to meet a financing contingency, sending the debtors into an open auction.

The previous joint venture intended to guarantee the debtors at least $45 million in the transaction. GWNE was to buy some of Edwin Watts Golf's stores and other assets. Hilco was to conduct going-out-of-business sales at the remaining sites.

No details were filed regarding the successful bid at the Dec. 3 auction.

The debtors also named a joint venture comprising Gordon Brothers Retail Partners, LLC and EJ Golf, LLC as backup bidder.

The company hopes to close the transaction on Dec. 6 so the buyer can take advantage of the holiday shopping season and be prepared for the January introduction of new equipment models.

A hearing to approve the proposed sale is scheduled for 9:30 a.m. ET on Dec. 5.

Edwin Watts Golf, a Fort Walton Beach, Fla.-based specialty golf retailer, filed for bankruptcy on Nov. 4. The Chapter 11 case number is 13-12876.

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