Renowned golf equipment manufacturer Ben Hogan Company has closed according to its President and CEO, Scott White.
White wrote: “I am very proud of what we accomplished at the company over the last few years. We had a great team and produced some excellent products that we think would have made Mr. Hogan proud. We were simply underfunded and couldn’t pursue a lot of the more expensive initiatives that would have accelerated our growth.”
White cited supply and financial constraints caused by the Covid-19 pandemic as reasons for the decision to close the business, despite the company enjoying a successful 2021 – its best since pivoting to a direct-to-consumer business model four years earlier.
Majority shareholder ExWorksCapital, LLC had been the majority shareholder and manager of the board for the company since its relaunch in 2017 after it originally ceased trading in 2015. However, the funding it was providing to the business dried up in late 2020 amid the strains of the pandemic, while the pursuit of alternative investment proved unsuccessful. ExWorks Financial filed for Chapter 11 bankruptcy protection in March this year.
When the company relaunched five years ago, it targeted more accomplished players, which limited its appeal. However, despite White’s efforts to broaden its scope, those efforts ultimately proved unsuccessful.
Whether another company steps in to resurrect the brand, we’ll have to wait and see. Callaway originally sold the Hogan brand name to Perry Ellis in 2012 and may be interested in reacquiring it given the synergy with the Apex franchise but if anyone steps in to save the Ben Hogan equipment company, it will require significant investment and patience to sort out the finer details.
