I rarely every make two posts in a single day; however, I just have to share this with you. Turns out that Prince Sports has officially filed for bankruptcy protection.
This comes to me a shock, Prince has always had quality products, especially with their tennis racquets and their tennis shoes. Apparently, Prince has some major debts and has struggled to pay the debts back. Bloomberg reports;
Decline in market demand “combined with increased competition over the past five years” and a decrease in “consumer discretionary spending” led to the bankruptcy, said Gordon Boggis, chief executive officer, in court papers.
He said the company plans to cancel secured debt in exchange for new equity as part of its reorganization plan.
It’s really a pity if Prince actually does go out of business, they have made products that have been a staple of tennis since the very beginning. I’ll update you all when I have more information.