Adidas Struggling to Sell Golf Brands
A recent report from the New York Post revealed that Adidas is having trouble selling its TaylorMade golf equipment brand.
Adidas bet big on Tiger Woods' endorsement, but sales have dwindled since the golf pro canceled his supposed comeback due to back issues.
"That momentum they so desperately needed didn't come," a source told the New York Post.
Adidas announced its plans to sell its golf division last May, but poor sales have scared away any potential bidders. The golf division, which includes TaylorMade and the Adams and Ashworth brands, is losing between $75 million and $100 million a year, according to the New York Post's source. Back in 2013, TaylorMade was raking in $1.7 billion in sales, and now sales are around $500 million.
Initially, Adidas was asking $500 million for the golf sector, but now, the company will likely have to sell it for much less.