Oklahoma City-based sports equipment franchiser Golf USA Inc. has filed for Chapter 11 bankruptcy protection on the eve of a court hearing to place the company into receivership.
Founded in Oklahoma City in 1986, Golf USA has franchisees across North America, Europe, South America, Africa and Asia, with more than 100 retail stores in 18 countries, according to its website. As recently as 2007, the company had touted itself as the world's largest golf equipment franchiser.
The company filed for Chapter 11 bankruptcy protection on Tuesday, one day ahead of a court hearing to place the company into receivership. Golf USA has less than $50,000 in assets and between $500,000 and $1 million in debts, according to the bankruptcy filing.
Golf USA had been due in Oklahoma County District Court on Wednesday for a receivership hearing at the behest of its former president Tom Anthony, who still controls a minority stake in the company.
Anthony, the brother of Oklahoma Corporation Commissioner Bob Anthony, moved to sue Golf USA in April over more than $225,000 he claims the company owes him from outstanding loans.
In court documents, Anthony asked the court to appoint a receiver to take control of Golf USA because the company had become insolvent and stopped paying its debts.
Attempts to reach Anthony for comment on Wednesday were unsuccessful. Attempts to reach Golf USA executives also were unsuccessful on Wednesday. Calls to the company's Oklahoma City offices were not returned.
Oklahoma City's three Golf USA stores will remain open and will be largely unaffected by the corporate office's bankruptcy filing, said local franchisee Brad Bowen, who operates all three stores.