German sporting-goods giant Adidas has hired Guggenheim Partners LLC to look into the possible sale of some or all of its golf division, which includes TaylorMade, Adams and Ashworth, Bloomberg reported Thursday.
According to Adidas Group’s 2015 second-quarter report for analysts, TaylorMade-Adidas Golf’s sales were down 26 percent in the second quarter of the year because of declines in most categories. Sell-through rates of new products were below expectations, and the overall recovery for the company is going more slowly than expected.
In a press release, the Adidas Group stated: “As a reaction to the persisting challenges at TaylorMade-Adidas Golf, the Adidas Group has initiated a major turnaround plan for its golf business.