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Edwin Watts Files Bankruptcy

The one in Macon, GA has usually been a good place to shop. Never too pushy and seemed friendly enough most of the time. I did go in once and asked about the Callaway X Hot 3 Deep and the guy had no idea what I was talking about. To be fair, the guy at DSG didn't know either.
 
I've generally had good luck with our local store. The manager is cool and while not kosher he has sold me new releases weeks ahead of schedule that were in the stock room based on buying loyalty.
 
It shouldn't be too long before the term sheet is released to the public, making known the assets that will be sold to the buyer that will continue as a going concern. The remainder of the inventory will be provided to Hilco to liquidate. At that time, we should know which local stores will be closed.
 
interlooper said:
They have 2 plans in chapter 11: they are closing a significant number of stores and are selling the remainder of their substantial assets to a buyer. They already have a buyer lined up (subject to another bidder coming in).
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I spoke with someone from EW today and was told that they are selling the company back to the Watts family, the number of store closings is unknown at this time, but they dont feel that it will be as substantial as expected.
 
niteowl03 said:
I spoke with someone from EW today and was told that they are selling the company back to the Watts family, the number of store closings is unknown at this time, but they dont feel that it will be as substantial as expected.
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That doesn't sound right. The company buying the ongoing assets is GWNE, inc. (subject to a higher bid in a bidding process). It is an affiliate of Worlwide Golf Shops. They won't be able to say for sure how many stores are closing until the auction process is complete. Hilco however is slated to liquidate the assets of those closing stores.
 
JB said:
Im on the flipside as I like Edwin Watts. I think there stores are stocked better than just about everybody in that they have full lines from just about every major brand out there including Bridgestone and Wilson Staff.

Their staff is quite knowledgeable, but unlike the others do not harass you with wrong info and push you into a sale. They can answer questions however.

+1

What he said. My visit to the EW store in Altamonte Springs, Florida was very pleasant. The staff were most helpful and accommodating and did not pressure me into buying anything. I asked the sales associates if there were any reasonable courses in the area and one of them, who's name I do not remember, suggested a course in the Lake Mary area near where he lived and it turned out to be a great round.

Sad to hear that EW is having some difficulties, but, I hope that they can restructure and remain in the golf retail "scene".
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Well I heard some interesting news today and will be glad if it comes to fruition. It will good for those I know at the company if it does end up happening.

Edwin watts strongest asset is their long term staff. Their knowledge and level if service shines through. I hope this works out for the best
 
I've never shopped at an EW, but it always sucks to see a company go through bankruptcy. Hopefully some good comes out of it with the restructuring it sounds like they are going for though.
 
I've only been to one once when I was in Orlando on vacation and the associate who helped me was great, he saw me buying a cadet XL glove and went in the back and grabbed me a few that were on clearance and gave me a great deal on them then when I asked if he could regrip my driver for me while I waited he gave me a "quick" fitting and got me set up a little better and got the grip on straight on my R1. It was probably the best service I have had at a golf store.
 
Sad to hear. I like EW and go to the Casselberry (Orlando) location frequently. Nice staff and very knowledgable.

I hate to see any brick and morter store have troubles. I'm sure showrooming has played a large role in their demise.
 
Our local E.W. has always given me good service.I go in from time to time just to "browse " the new stuff.I am usually greeted ,and when I respond that I am just killing time, they usually tell me to look all I want to and if I have any questions or want to hit anything to just tell them.For the most part ,any questions that I have asked them have been answered in a friendly and knowledgeable manner.
 
As a side note, the 4 largest unsecured creditors are Callaway, Taylormade, titleist and nike. They hold about 13 million in debt.
 
interlooper said:
As a side note, the 4 largest unsecured creditors are Callaway, Taylormade, titleist and nike. They hold about 13 million in debt.
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Not a surprise really.


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Not a shocker... the St. Louis E.W. is always empty, never has anything that I am looking for in stock and only 2 miles away from a Golfsmith.
 
EW is our only local dedicated golf store, and it would be a shame if it closed. It's a much smaller store, and I believe the standalone building and the land its on are paid for. Most of the staff here are both knowledgeable and friendly, I've gotten caught up just shooting the proverbial crap with some of them on several occasions.
 
Out of Golf Galaxy, Golfsmith, Dicks (a larger store), and Edwin Watts all within a mile or two, I prefer Edwin Watts. I've found the best deals there, plus they will let me shop around and ask if I need help if I go near them, but they do not push.
 
Greg Kulbick said:
EW is our only local dedicated golf store, and it would be a shame if it closed. It's a much smaller store, and I believe the standalone building and the land its on are paid for. Most of the staff here are both knowledgeable and friendly, I've gotten caught up just shooting the proverbial crap with some of them on several occasions.
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Greg: if Worldwide Golf does actually succeed in the stalking horse purchase of much of EW's assets, you'd be happy to know that Worlwide Golf does not have any brick and mortar shops in Florida. obviously that doesn't guarantee the new owner keeping that store open, but it does have better odds of remaining open than had there been existing stores.
 
troyefl said:
If EW starts closing stores, Jacksonville will be hurting for a brick and mortar store. Golf Galaxy closed a few years back, the PGA Tour Stop in World Golf Village just closed, leaving Edwin Watts and Dicks.

I'm not surprised with the bankruptcy filing. Def. cheaper online. Wish they could figure out a way to close the gap or offer the same prices as their online store.

Love seeing this on EdwinWatts.com

*Price Promotion(s): Price promotion(s) are valid on Internet and Phone orders only. Due to manufacturer restrictions, offers exclude select new release and other select products.
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My wife is from the St Augustine area & I'm amazed how few golf shops there are in the area. There seems to be more than enough courses & golfers to keep at least one store open. I blame it on the snow birds.
 
Hate to hear it, because the EW in Salt Lake always treated me right. Unfortunately though, it sounds like my good experience is far from widespread.
 
I have more details about the assets that are involved in the proposed sale... including numbers of stores, etc.

As of today, GWNE (an affiliate of Worldwide Golf Shops) is still the "stalking horse" that Edwin Watts in proposing to sale the assets to. That is subject to another bidder coming in, but they would have to bid a significantly higher number to outbid certain "break-up" fees etc.

Pursuant to Edwin Watt's agreement with GWNE, GWNE will purchase (among other things) a minimum of 40 store leases, and the inventory at those locations. Edwin Watts has about 90 store locations... so it is possible that GWNE takes less than half of those store locations. The locations not sold to GWNE, are proposed to be liquidated pursuant to "store closing sales".

While the company was marketed to potential buyers pretty heavily before bankruptcy, only 3 potential buyers conducted due diligence and only 1 buyer met with management.
 
interlooper said:
I have more details about the assets that are involved in the proposed sale... including numbers of stores, etc.

As of today, GWNE (an affiliate of Worldwide Golf Shops) is still the "stalking horse" that Edwin Watts in proposing to sale the assets to. That is subject to another bidder coming in, but they would have to bid a significantly higher number to outbid certain "break-up" fees etc.

Pursuant to Edwin Watt's agreement with GWNE, GWNE will purchase (among other things) a minimum of 40 store leases, and the inventory at those locations. Edwin Watts has about 90 store locations... so it is possible that GWNE takes less than half of those store locations. The locations not sold to GWNE, are proposed to be liquidated pursuant to "store closing sales".

While the company was marketed to potential buyers pretty heavily before bankruptcy, only 3 potential buyers conducted due diligence and only 1 buyer met with management.
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OK, so non-lawyer that I am, thinks there will be 50 stores closing for good and 40 become something else?
 
T0AD said:
OK, so non-lawyer that I am, thinks there will be 50 stores closing for good and 40 become something else?
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Edwin Watts is also selling much of its IP rights to GWNE (Worldwide Golf Shops). Worldwide Golf Shops have several retail names under their umbrella, including Roger Dunn Golf Shops, Golf Mart, Vans Golf Shops and Golfer's Warehouse. Thus, it is entirely possible that the new owner will keep the "Edwin Watts" name and just fold it into its organization with the other names. It will depend on, among other things, the marketing strength of the name, etc.
 
interlooper said:
Edwin Watts is also selling much of its IP rights to GWNE (Worldwide Golf Shops). Worldwide Golf Shops have several retail names under their umbrella, including Roger Dunn Golf Shops, Golf Mart, Vans Golf Shops and Golfer's Warehouse. Thus, it is entirely possible that the new owner will keep the "Edwin Watts" name and just fold it into its organization with the other names. It will depend on, among other things, the marketing strength of the name, etc.
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FWIW,
This is what I was told this morning. That the plan as of now is that they would become another asset of stores in the ever growing umbrella.
 
Which could be a good thing?
 
Don't be surprised if there's more of this category of store shutting the doors down. Word on the street is a lot of the Buying staff from GS has left also the past year. Never a good sign.
 
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