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Adidas selling off golf businesses, focus on footwear and apparel

Adidas announced Wednesday that its board had decided to sell all of its golf businesses including TaylorMade, Adams and Ashworth.

The decision is not a surprise, as the company admitted to exploring the possibility last August.

Adidas said Wednesday it would not get out of the golf business completely, focusing on golf footwear and apparel.

The question now is whether the company will be able to keep the stable of golfers -- particularly Dustin Johnson, Jason Day -- it signed under a complete head-to-toe apparel and equipment deal with Adidas and TaylorMade.

The golf business hasn't truly recovered from a combination of the economic downturn at the end of 2008, too many new products being pushed into the market, little growth in new customers and an expectation from those buying on heavy discounting.

In the beginning, TaylorMade, which has the top market share in driver sales, was able to take some business from its competition, but by 2014, the business faltered, while competitor Callaway battled back.

The company started considering unloading the business in earnest after TaylorMade saw a 28 percent decline in sales in 2014.

Layoffs followed as well as a consolidation of its golf business to its headquarters in Carlsbad, California.