Hogan Golf company undergoes 'reorganization'

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The Ben Hogan Golf Equipment Company announced a voluntary "reorganization and restructuring" Tuesday but denied reports that the company was going out of business entirely.

The changes include a reduction of a "large percentage" of the work force for the company, which is based in Fort Worth, Texas. The company's release also called for minimizing expenses as well as "re-tooling and right-sizing in an effort to become more nimble and profitable in the highly competitive golf equipment business."

Originally started in 1953, the Hogan equipment brand was shuttered in 2007 before returning in 2014. While reports surfaced that the company had laid off 100 percent of its workforce, Hogan president and CEO Scott White reiterated that the company had not declared bankruptcy and was still in business.

"Reports of our death have been greatly exaggerated," White said. "While our organization does not look the same today as it did in 2016, we are confident that the changes we are making will make us a stronger and better company in the future."