Dick's Sporting Goods was among a team of investors that acquired Golfsmith at a bankruptcy auction, according to a Reuters report. The winning bid was reportedly about $70 million.
Dick's plans to keep "at least" 30 Golfsmith stores open and retain about 500 employees according to the report. Golfsmith reported 109 open stores in a filing last month but has been in the process of closing some store fronts.
News broke in August that Golfsmith was considering bankruptcy as it sought a new owner. Once the acquisition is approved by a U.S. bankruptcy court judge, that new owner will be Dick's, which already operates Golf Galaxy and earlier this year purchased another bankrupt former competitor in Sports Authority.