DALLAS, Sept. 30, 2014 /PRNewswire/ -- ClubCorp –
The World Leader in Private Clubs® (NYSE: MYCC) – today issued the
following statement in response to a recent public letter from Red
Alder LLC and ADW Capital Partners L.P. sent in care of the
Chairman of the Company's Board of Directors regarding a potential
REIT structure.
Logo -
http://photos.prnewswire.com/prnh/20131210/DA31359LOGO
The Company and its Board are reviewing the letter as part of
their ongoing evaluation of various potential REIT strategies,
which the Company discussed during its last two earnings calls.
As part of the Company's evaluation process, management and the
Board have been working with legal and tax advisors to analyze the
feasibility of various REIT restructuring options and their
relative benefits and risks to the Company and its
shareholders. The implementation and operational complexities
being evaluated include the application of highly technical
provisions of the Internal Revenue Code that govern REIT
qualification. In light of this and various factual
determinations not entirely within the Company's control, there can
be no assurance that the Company will change its current business
strategy or effectuate a REIT conversion.
As the Company announced previously, it expects to provide
updated information on its evaluation by the end of this
year. The Company appreciates input from its investors in its
continuing efforts to create value for its shareholders.
About ClubCorp Holdings:
Since its founding in 1957, Dallas-based ClubCorp has operated with the
central purpose of Building Relationships and Enriching Lives®.
ClubCorp is a leading owner-operator of private golf and country
clubs and private business clubs in North
America. With its recent acquisition of Sequoia Golf,
ClubCorp now owns or operates a portfolio of over 200 golf and
country clubs, business clubs, sports clubs, and alumni clubs in 26
states, the District of Columbia
and two foreign countries that serve over 430,000 members, with
approximately 20,000 peak-season employees. ClubCorp Holdings, Inc.
is a publicly traded company on the New York Stock Exchange (NYSE:
MYCC). ClubCorp properties include: Firestone Country Club
(Akron, Ohio); Mission Hills
Country Club (Rancho Mirage,
California); The Woodlands Country Club (The Woodlands, Texas); Capital Club Beijing;
and Metropolitan Club Chicago. You can find ClubCorp on Facebook at
facebook.com/clubcorp and on Twitter at @ClubCorp.
SOURCE ClubCorp, Inc.