Edwin Watts Golf Shops, which operates 88 golf shops in 15 states, has filed for bankruptcy protection, according to multiple reports.
Private equity firm Sun Capital Partners Inc., which owns Edwin Watts, made the Chapter 11 filing on Monday in a federal court in Delaware, listing the company's liabilities to assets as between $100-500 million. According to the court filing, Callaway Golf is the largest uninsured creditor of the company, owed $4.6 million.
The company has secured a $38 million loan to operate through bankruptcy restructuring and reorganization.
Edwin Watts was acquired by Sun Capital Partners in May 2007. In that time, the company has expanded its brick-and-mortar retail presence by one-third.
In 2010, the company reached an agreement with struggling retailer Sears to create Edwin Watts Golf Shops within Sears locations around the country. That experiment has since been discontinued.
Headquartered in Ft. Walton Beach, Fla., Edwin Watts was founded in 1968 in as a small pro shop in the same town.