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Business

Golf's woes prompt Nike to exit business

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Opening sequence

Business

Golf's woes prompt Nike to exit business

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COMING UP:Golf's woes prompt Nike to exit business

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Transcript

00:00:01
>> The world's largest sporting goods company is giving up on golf. Nike announcing it will stop selling clubs, bags, and balls. The move a response to the game's waning popularity, despite returning to the Olympics for the first time since 1904. Nike built its golf business on the success of Tiger Woods.
00:00:20
And now its decline, too, appears to mirror his career, the number of Americans playing golf falling sharply since 2000, when Woods was in his prime. Sales of related supplies now only 3% of Nike's revenue. The Portland based company not the only one waving the white flag. Adidas too announcing in May it's sell the bulk of it's golf business.
00:00:42
But for Nike the problem's particularly acute. A Nike sponsored golfer hasn't won a major recent championship. With top name Jordan Spieth endorsing rival brand Under Armor. With Spieth and fellow stars Jason Day and Dustin Johnson even skipping Rio, largely due to the threat of Zika. But while golf slips in to a pop culture sand trap, those who insist on wearing those special pants, take heart.
00:01:08
Nike says it will still sell footwear and apparel.