Fort Worth, TX - The bankruptcy court in Fort Worth, Texas, approved the sale of 36 Nevada Bob's company-owned stores in transactions orchestrated by The Ozer Group of Needham, Massachusetts. Ozer had been retained by Nevada Bob's Golf Inc. in November to act as its restructuring agent and its consultant to sell the company's store level assets in connection with Nevada Bob's recent Chapter 11 case.
The approved transaction included 17 of the 36 stores being sold to Arlington, Texas-based Tri-Capital Ventures, headed by Mark Gunderson. Gunderson is the founder of Alien Golf, a golf club manufacturer that was acquired by Nevada Bob's several years ago. Another 19 stores were sold to Hayward, California-based New Golf Holding Co., headed by Richard Oldenberg. Oldenberg is the founder of Orlimar Golf, manufacturer and marketer of TriMetal woods. As part of both transactions, the buyers have received the right to use the Nevada Bob's Golf name.
"There is still quite a but of work to do," said David Peress, managing director and general counsel for The Ozer Group. "However, we're satisfied these transactions will help position the company for emergence from bankruptcy as a franchisor and not a store competitor."
Nevada Bob's system of company-owned and franchised golf retail stores is the largest in the world. At the commencement of the company's Chapter 11 case and related CCAA proceeding in Canada, it operated 82 corporate locations and was the franchisor of 108 more internationally. -Business Wire