Contesting the Open Championship on the Old Course at St. Andrews celebrates our great game for all its beauty and charm. But let's not forget that golf is big business. Case in point: TaylorMade-adidas Golf has announced a new round of layoffs. Here's the company's official statement:
"In light of the continued challenges TaylorMade is facing in the market place, we have to fundamentally rethink our business. We need to redesign our business with a more focused approach to product innovation, brand marketing, sales and customer service. We have now begun the process and rebalanced our workforce by six percent on Wednesday to increase operational efficiency. This measure is a difficult and necessary step in order to lead our organization into a successful future. At the same time, we will continue to analyze our business. The outcome will be a more nimble, more creative and more profitable company."
The past year has been a struggle for TaylorMade. Its market share for woods (on/off course sales combined) dropped from 32.3% in May 2014 to 22.5% in May 2015, according to Golf Datatech. The company's iron sales were relatively flat during that same period (20.5% in May 2014 vs. 20.2% in May 2015).
More details to follow.