Golfsmith eyes 120-day exclusivity extension to work on exit strategy

By Caroline Salls

Pittsburgh, Sept. 12 – Golfsmith International Holdings, Inc. is seeking a third extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period by 120 days through Jan. 9 and the solicitation period by 120 days through March 8.

Golfsmith said it has worked toward winding down its businesses and affairs by concluding store-closing sales, selling its headquarters, assuming and assigning numerous unexpired leases and rejecting other burdensome executory contracts and unexpired leases.

“As a result, the debtors have sold substantially all of their assets and are working diligently toward an exit strategy that will facilitate the distribution of the value obtained from these efforts to the debtors’ various creditor constituencies,” the motion said.

A hearing is scheduled for Oct. 25.

Golfsmith, an Austin, Texas-based golf specialty retailer, filed bankruptcy on Sept. 15, 2016. Its Chapter 11 case number is 16-12033.

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