Dick's Sporting Goods Cuts 400 Jobs Since Americans Are Less Interested In Golf
Flickr
Dick's, the sporting goods superstore and largest retailer of TaylorMade and Callaway golf products, fired more than 400 PGA professionals hired at stores across the country, according to the Wall Street Journal.
Dick's had planned to have a PGA professional at every store in hopes to differentiate itself from online retailers. However, factors like a sluggish economy and the decline of Tiger Woods forced the store to abandon hopes of dominating the golf world, according to ESPN.
Decreasing prices and increasing competition also drove down earnings and led to the sports giant's decision.
"We are selling drivers in our stores this spring for $99 that were $299 approximately 21 months ago," said Ed Stack, CEO and Chairman of Dick's, in a conference call to investors after announcing earnings.
Apparently, playing golf is also losing its popularity for many Americans. The number of people playing is down 2.5%, which marks the fifth consecutive year that golf has declined in America, according to Bloomberg.
Stock prices for Dick's Sporting Goods were down 1% as markets closed Tuesday evening.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’