Dick’s Sporting Goods is preparing a last-minute bid for Golfsmith, sources told Reuters. The bid would challenge one made by Worldwide Golf Shops.
Bids for the company owned by Omers Private Equity were due on Monday. Dick’s, which owns Golf Galaxy, was given an extension until Tuesday morning to submit its offer, sources told Reuters.
Privately-held Worldwide Golf Shops was preparing to submit a bid for Golfsmith on Monday in partnership with liquidators from Great American Group, according to the report.
Golfsmith may also reorganize its debt and emerge from bankruptcy with the support of its existing lenders.
If at least one viable bid arrives by October 17, an auction will be held on October 19. If the winning bid envisioned a liquidation of the debtor’s assets, a sale hearing would be held on October 24. If the winning bid called for purchasing Golfsmith as a going concern, the sale hearing would follow on October 31.
Golfsmith, which filed for bankruptcy protection on September 14, operates 109 stores under the Golfsmith banner and has received bankruptcy court approval to close 20 of those locations.
