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This was the reason Golfsmith owed $5.5 million to Callaway Golf Co., $5.1 million to Taylormade Golf Co. Inc., $3.5 million to Nike, $2.3 million to PING Inc. and $2.1 million to Titleist. Golfsmith CEO David Roussy blamed "a recession-driven decline in golf participation and an oversized brick-and-mortar retail presence" for its situation.
A closeout or clearance sale (also called a closing down sale in the United Kingdom [1]) is a discount sale of inventory either by retail or wholesale. It may be that a product is not selling well, or that the retailer is closing because of relocation, a fire (a fire sale ), over-ordering, or especially because of bankruptcy . [ 2 ]