2005: Business - Facing big debt, Burrows Golf folds
Wednesday, September 21, 2011
Burrows Golf, the Valencia, Calif., equipment company known for its innovative club-fitting system and splashy trade-show exhibits, has ceased operations.
James Felton, an attorney representing Burrows Golf, said the company owed its bank about $10 million, and had been discussing a settlement in recent months. Felton said the bank ultimately seized Burrows’ assets, which were valued at $3 million to $4 million. Those assets included inventory and patents, according to Felton.
“It was significantly less than the bank was owed,” Felton said, adding that he didn’t anticipate a formal bankruptcy court filing.
Calls to Burrows’ office did not go through.
Burrows Golf was launched at the January 2003 PGA Merchandise Show, under the direction of entrepreneur Bruce Burrows, who had made his fortune designing and selling water-dispensing equipment. Burrows Golf trumpeted its QuickFit system, which allowed golfers to easily mix and match shafts and clubheads during the club-fitting process, and its MAC Powersphere metalwoods, known for their distinctive cavity in the sole.
The company promoted these products heavily with large exhibits at the 2003 and 2004 PGA Shows, and by signing endorsers such as Ben Crenshaw, Bruce Lietzke and Thomas Bjorn.
But the company was unable to gain traction for its products. Burrows Golf abruptly canceled plans to exhibit at the January 2005 PGA Show, and there were unconfirmed reports that the company was returning finished equipment to its Asian factory. In addition, Bjorn’s decision to sign with Callaway Golf was seen as another indication of the company’s financial problems.
Scott Sayers Jr., Crenshaw’s agent, said his client had completed the first year of a four-year contract and was owed “a significant amount,” though he declined to disclose a figure. Sayers said he had been in regular contact with Burrows.
“Bruce did his best to keep things going,” Sayers said. “It was all handled very well. There’s no bad feelings about it. We just regret that it came to that.”