Prominent retailer Golfsmith International announced Wednesday that it has filed for Chapter 11 bankruptcy protection.
The decision comes after the Austin, Texas-based chain was unable to find a buyer. Golf Town, a group of 55 Canadian stores that purchased GolfSmith during a 2012 merger, will be sold to a private group of creditors.
"Today represents a significant step forward for the long-term viability of the Golf Town and Golfsmith businesses, CEO David Roussy said in a statement. "We will continue in our commitment to provide our customers with the exceptional service and high-quality golf products they have come to expect from us.