Sports giants hit by swing away from golf
Nike to exit market, while Golfsmith retail chain struggles
Nike’s decision earlier this week to stop selling golf equipment and a possible bankruptcy filing by the Golfsmith retail chain are raising concerns that the declining popularity of the sport is taking a toll on the companies that thrive on it.
Millennials, the key to the sport’s future, are shunning the expensive and time-consuming game in favour of more instantly gratifying pursuits like Pokemon Go and Netflix binges. That isbad news for companies like Nike and Adidas, which said in May that it was starting talks with potential buyers for the bulk of its golf business, TaylorMade, which generates about $1 billion in annual sales.
