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Retailer Golfsmith files for bankruptcy

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Prominent retailer Golfsmith International announced Wednesday that it has filed for Chapter 11 bankruptcy protection.

The decision comes after the Austin, Texas-based chain was unable to find a buyer. Golf Town, a group of 55 Canadian stores that purchased GolfSmith during a 2012 merger, will be sold to a private group of creditors.

"Today represents a significant step forward for the long-term viability of the Golf Town and Golfsmith businesses, CEO David Roussy said in a statement. "We will continue in our commitment to provide our customers with the exceptional service and high-quality golf products they have come to expect from us."

Reports surfaced last month that the company, which was founded in 1967 and includes 109 stores in the U.S., was considering bankruptcy protection. That news came just days after Nike announced its decision to leave the golf equipment space, while Adidas remains in search of a buyer for its golf business pieces TaylorMade and Ashworth.