Sun Capital Partners, the private equity firm that owns Edwin Watts Golf Shops, filed for Chapter 11 bankruptcy protection on Monday, November 4. According to Reuters and papers filed in U.S. Bankruptcy Court, the company based in Fort Walton Beach, Fla., has obtained a $38 million loan from PNC Bank, which is owed $50 million in a secured financing agreement, in order to remain operating during the bankruptcy proceedings.
In a news release, Edwin Watts president and CEO John Watson faulted stagnancy in the golf industry and a year of poor weather for the company’s troubles. Also noted in the release is that the company spoke with potential buyers before filing for bankruptcy, and still hopes to come to an agreement on a sale before the end of the year. Edwin Watts, who founded the company with his brother Ronnie in 1968, could be a potential buyer along with a …