TORONTO, ONTARIO--(Marketwired - Dec. 22, 2016) - Golf Town is pleased to announce that it is now officially under new management and ownership, and it is bringing back excitement and innovation to the golf retail category across Canada as we re-establish our focus on being a strong, stand-alone Canadian-only premier golf and apparel retailer.
The new Golf Town has 48 stores in Canada and surging e-commerce activity at www.golftown.com. The new company is already forging new relationships with all of its key retail partners, including premier industry brands such as Taylor Made, Callaway, Under Armour, Adidas, Acushnet, Puma, Cobra and Ping, all of whom are partnering with us to provide the newest and most innovative products to our stores across Canada. Since only October 31, the new Golf Town has acquired approximately CDN$30 million of new retail inventory from our partners.
Senior management for the new Golf Town is excited by the opportunities to reinvigorate the Canadian-only Golf Town. In addition to our new President, Chad McKinnon, former Chief Operating Officer of FGL Sports a new Vice-President of Marketing and eCommerce, and a new Chief Financial Officer have joined the organization. The entire management team will now be located in Canada.
As of today, a CDN$20 million bank facility has been finalized and is expected to expand to CDN$35M shortly. None of this facility is currently drawn but will provide the company with added future financial flexibility. The new Golf Town is also fully supported by its new Canadian owners, Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) and certain investment funds managed by Signature Global Asset Management, a division of CI Investments Inc. ("CI"), a subsidiary of CI Financial Corp. (TSX:CIX).
For further information please contact Susan Gilpin at 289-236-2927 or firstname.lastname@example.org.
About Golf Town
Golf Town is the largest specialty golf retailer in Canada, operating 48 stores throughout the country. The company also offers convenient, 24/7 shopping at www.golftown.com. The company features the broadest selection of the best brands in golf, expert staff who share its customers' love of the game, and state-of-the-art custom fitting services and technology - truly Anything For Golf. Golf Town is owned by Fairfax (TSX:FFH)(TSX:FFH.U) and Signature Global Asset Management, an investment division of the CI Financial Corp (TSX:CIX).
Fairfax is a holding company which, through its subsidiaries, is engaged globally in property and casualty insurance and reinsurance and investment management.
About CI and Signature Global Asset Management
Signature Global Asset Management, a division of CI, manages over $50 billion in core equity, balanced and income-oriented portfolios and has offices in Toronto and Hong Kong. CI is a subsidiary of CI Financial Corp., a diversified wealth management firm listed on the Toronto Stock Exchange (symbol: CIX). CI Financial is one of Canada's largest investment fund companies, managing approximately $117 billion (as of November 30, 2016) on behalf of two million Canadian investors.