Golf Town, the largest specialty golf retailer in Canada with 48 stores across the country, has officially announced that it is now under new management and ownership. The retailer is planning to bring back excitement and innovation to the golf retail category across Canada by re-establishing its focus on being a strong, stand-alone Canadian-only premier golf and apparel retailer.
Along with its 48 retail stores, the company has also been experiencing surging e-commerce activity at www.golftown.com. The new company is forging new relationships with all of its key retail partners, including premier industry brands such as Taylor Made, Callaway, Under Armour, Adidas, Acushnet, Puma, Cobra and Ping, all of whom are partnering with Golf Town to provide the newest and most innovative products to its stores. Since October 31 of this year, the new Golf Town has acquired approximately CDN$30 million of new retail inventory from our partners.
Senior management for the new Golf Town is excited by the opportunities to reinvigorate the Canadian-only Golf Town. In addition to our new President, Chad McKinnon, former Chief Operating Officer of FGL Sports a new Vice-President of Marketing and eCommerce, and a new Chief Financial Officer have joined the organization. The entire management team will now be located in Canada.
As of today, a CDN$20 million bank facility has been finalized and is expected to expand to CDN$35M shortly. None of this facility is currently drawn but will provide the company with added future financial flexibility. The new Golf Town is also fully supported by its new Canadian owners, Fairfax Financial Holdings Limited and certain investment funds managed by Signature Global Asset Management, a division of CI Investments Inc.