Restructuring strategy announced

Friday, March 12, 1999 | 11:53 a.m.

An investment group led by Marc Gunderson, Arlington, Texas, one of Nevada Bob's golf equipment suppliers, acquired the firm and began restructuring it to prevent involuntary bankruptcy.

The company is in Chapter 11 bankruptcy, a conversion the company made after creditors filed the involuntary bankruptcy last month. Chapter 11 allows a company to stay in business and reorganize.

Gunderson, who will not be a part of the day-to-day management of the company, named Tom Russell president and chief operating officer of Nevada Bob's Holdings.

Russell said the restructuring of the company's finances eliminates the need for the company to conduct any "fire sales" of stores or merchandise.

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