Trend-Lines Inc., owner of Golf Day shops, filed voluntary petitions to reorganize the business under Chapter 11 of the U.S. Bankruptcy Code on Aug. 11.
In June, the company announced that it was planning to divest itself of its golf businesses to focus on its larger and more profitable tool business. Trend-Lines is negotiating with one or more groups to sell its Golf Day businesses and expects to conclude the sale by September, according to a company statement.
Golf Day has a store at 930 Stillwater Ave. in Bangor.
Trend-Lines is a publicly held company that until Aug. 11 was traded on Nasdaq. The board suspended trading until Trend-Lines could provide documents on its financial viability.
Trend-Lines Inc. is a specialty retailer of woodworking tools and accessories sold through its nationally distributed Trend-Lines mail order catalog and through 118 Woodworkers Warehouse retail stores in New England and in other states. One of the Woodworkers shops also is located in Bangor next to the Golf Day.