Putter maker Yes!

L.O.F.T

I am sure their models will live on but its bad news nevertheless:

http://www.golfdigest.com/golf-tours-news/blogs/local-knowledge/2010/12/putter-maker-yes-golf-files-for-bankruptcy.html

Putter maker Yes! Golf files for bankruptcy

For a while they were a David among golf's Goliaths. Denver-based Yes! Golf and its C-Groove putters had an interesting technology story with its grooved face and credibility thanks to U.S. Open wins by Retief Goosen in 2001 and 2004. Unfortunately, the company could not sustain its momentum and now Yes! is out of business, with Progear Holdings (which did business as Yes! Golf), filing for Chapter 7 bankruptcy liquidation in United States Bankruptcy Court in Colorado.

On Nov. 18, the board authorized Francis Ricci, as president and CEO, to liquidate the assets of the company in the optimal manner, including the filing of Chapter 7 bankruptcy. Court papers dated Dec. 2, 2010 reveal a company bleeding red ink the last three years with losses of $215,942 in 2008, $1,804,713 in 2009 and $1,248,170 this year. The company listed inventory of $1,150,536 in the U.S. and another $1,235,965.11 in China. Assets in the form of personal property was $6,364,588.12, although the balance in a pair of bank accounts totaled a mere $3,031.33. The amount owed secured creditors was listed at $668,226.78.

The list of unsecured creditors numbered more than 200, with claims totaling approximately $2 million, most with small claims. However, there were some interesting names on the list, including the Darrell Survey ($6,525) and five tour players: Rachel Hetherington ($9,600); Edoardo Molinari ($8,750); Kristy McPherson ($8,150); Mikaela Parmlid ($3,050) and Rosie Jones ($2,500).

As recently as late September Yes! putters were still making headlines on the course as Jim Furyk won the Tour Championship and FedEx Cup using a used Yes! Sophia he bought at a golf shop for $39. A last hurrah for a putter company that had been part of the professional golf scene for the last decade.


Read More http://www.golfdigest.com/golf-tours-news/blogs/local-knowledge/2010/12/putter-maker-yes-golf-files-for-bankruptcy.html#ixzz17T04i8f2

blackwaterfish

great putters... sad to see. Anyone who has a Yes in decent condition might make a few quid in a couple of years on ebay.

also, titleist, ie acushnet, is about to be sold off by Fortune brands... most likely to a US private equity firm or an Asian based company.

big news in ball making circles.

if you get an offer to buy acushnet shares... take it.

sweetswing

And Scotty cammeron is off to Nike !

Webbs

While the announcement that the US arm of the Yes!Golf putter network has filed for bankruptcy, the British company Yes!Golf (UK) remains strong, according to its managing director.

Despite two US Open wins in the hands of Retief Goosen, and a World Championship victory by Henrik Stenson, as well as many other important tournament victories, Yes! Golf putters have failed to make their expected impact in the US against the loyalty shown to other top-branded putters.

However, in the UK, Ireland, Europe and the Far East, Yes!Golf has established its own strong and loyal following thanks to the C-Groove face technology in the faces of a range of putters identified by girls' names and designed by Southport engineer and putting coach Harold Swash.

The brand has also won top industry awards for its innovation, including the Stealex shaft weight system and is recognised as a world leader in putter custom-fitting.

Says Allison: “It’s a sad day for the brand in America but we have healthy pre-orders for 2011 in Britain & Ireland, a strong stockholding of popular product under our roof and a new consignment arriving in January that includes new models for the coming season.”

It is understood a serious bid has been put into the US administrators by an existing Yes! Golf distributor with practical, hands-on knowledge of the entire process from manufacture through to Tour representation and consumer retail.



Read more: http://www.golfmagic.com/news/setback-for-yesgolf-putter-empire/8034.html#ixzz17cAeHxed

blackwaterfish

yay!