Country clubs in crisis
Recession throws many clubs into turmoil, with some facing foreclosure or bankruptcy
Dozens of country clubs are in foreclosure, reports BusinessWeek. And up to 15% of the remaining ones report serious financial problems.
So far, the elite clubs that cater to the ultra-rich are generally staying afloat. It's the mid- to lower- level clubs that can't make payments.
And the sport of golfing is seeing a similar hit. About 2.1 million golfers belong to clubs, a drop of 900,000 from the early 1990s, BusinessWeek reports.
Experts tell the magazine that between 400 and 1,000 country clubs may have to close or open to public play.
"The whole country club model is at risk," said one.
There are a number of reasons for the slide at clubs, starting with the down economy. It's also harder now to deduct club dues on your taxes. And some companies may feel pressure not to award employees with pricey country club memberships.
And finally, is business wheeling-and-dealing done much on the golf course anymore? That seems a little bit old school.
Some clubs are trying to lure members back with discounted enrollment fees and other perks. Still other clubs are trying to reach out to the entire family, with features like pilates and karate lessons, BusinessWeek reports.
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
The market's cheap money addiction is laid bare. No one knows how it will end.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.