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.
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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.
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