Report: Dick's acquires Golfsmith at auction

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Dick's Sporting Goods was among a team of investors that acquired Golfsmith at a bankruptcy auction, according to a Reuters report. The winning bid was reportedly about $70 million.

Dick's plans to keep "at least" 30 Golfsmith stores open and retain about 500 employees according to the report. Golfsmith reported 109 open stores in a filing last month but has been in the process of closing some store fronts.

News broke in August that Golfsmith was considering bankruptcy as it sought a new owner. Once the acquisition is approved by a U.S. bankruptcy court judge, that new owner will be Dick's, which already operates Golf Galaxy and earlier this year purchased another bankrupt former competitor in Sports Authority.

With the acquisition, Dick's will secure its standing as the largest U.S. golf retail outlet.