Reuters reported that Edwin Watts Golf Shops filed for Chapter 11 bankruptcy protection, and the retailer, owned by private equity firm Sun Capital Partners, will seek a sale of its assets by December 6, according to papers filed in the U.S. Bankruptcy Court in Wilmington, DE.

Reuters said further an initial or stalking-horse bid was reached with a joint venture of Hilco Merchant Resources LLC and GWNE, and PNC Bank, which is owed $50 million under a secured financing agreement, will lend Edwin Watts Golf Shops $38 million to keep it operating until the sale is completed.

To read the entire Reuters press release, click here.