Topgolf is in trouble.
The golf-entertainment venue, which combines a gamified driving range with a food-and-beverage experience, has seen a significant, 8-percent drop in existing-venue traffic. While new Topgolf locations continue to perform well, they're the sole driver of the concept's growth, and there's a limited amount of time, space and money to expand the brand without dilution.
Topgolf Callaway Brands, the owner of Topgolf and Callaway Golf among other brands, announced Wednesday that it will spin-off Topgolf into its own business in the second half of 2025. The goal is to silo the company, have leadership focused specifically on the company's existing operations and to provide a relatively clean slate to pursue funding and financing for a more modest expansion plan.
The outline of the plan seems reasonable, but there are several issues at the heart of Topgolf's troubles. How quickly those problems can be addressed ranges in difficulty and expense. Some are quick fixes. Some take more time and money.
So, what's actually wrong with Topgolf, and how can it be fixed?
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