Dick’s Sporting Goods partnered with liquidation to win a bankruptcy auction on Friday for Golfsmith International Holdings, according to a report from Reuters. Sources told Reuters the winning bid was about $70 million.
The report said Dick’s plans to keep about 30 Golfsmith stores open and liquidate the rest in conjunction with Hilco Global and Tiger Capital Group.
Golfsmith had 109 stores in the U.S. at the time of its bankruptcy filing last month, and has so far received court approval to close 20 stores. Dick’s also won Golfsmith’s intellectual property and inventory, according to the report.
The results of the auction are not public yet, the report said, and must be approved by a U.S. bankruptcy court judge in Wilmington, DE. Dick’s also owns the Golf Galaxy chain.
Worldwide Golf Shops and liquidators from Great American Group LLC had also made a bid for Golfsmith, and likewise planned to continue to operate about 30 Golfsmith stores and close the rest.