Callaway Golf Company To Cut Workforce By 12%; Sells Top-Flite And Ben Hogan Brands-Reuters

Reuters reported that Callaway Golf Company, grappling with weak demand for golf equipment, plans to cut 12% of its workforce to reduce costs. Callaway said the job cuts would impact all regions and levels of organization and that the cost-cutting initiative would sharpen its focus on its core brands, Callaway and Odyssey. Callaway expects to record a $40 million pretax charge over the next 12 months related to the layoffs. The Company has also sold its Top-Flite and Ben Hogan brands, licensed its North American apparel business and made changes in its senior management.