Prince Sports files for bankruptcy protection
BORDENTOWN, N.J. (AP) — Prince Sports, which for more than 40 years has been affiliated with tennis greats like Jimmy Connors, Martina Navratilova, as well as modern stars like Maria Sharapova, has filed for Chapter 11 bankruptcy protection.
"After considering several business options, the Board of Directors and the senior management team firmly believe that the Chapter 11 filing is not only a necessary step but also the right thing to do to ensure a secure future for Prince," said CEO Gordon Boggis.
Prince, which was founded in 1970 and pioneered the oversized racket, has wrestled with heavy debt and said it would use the bankruptcy process to develop a competitive business model. The proposed restructuring would relieve Prince of its more than $60 million debt burden, the company said.
It has secured a commitment for debtor-in-possession financing to allow it to continue to operate while under bankruptcy protection.
Prince Sports Inc., based in Bordentown, N.J., makes rackets, shoes and accessories for tennis, squash and other sports. It has changed ownership several times over the years and was once owned by Benetton Group, the parent company of the clothing company United Colors of Benetton.
The private equity firm Nautic Partners acquired the company in 2007.
