 This was the reason Golfsmith owed $5.5 million to Callaway Golf Co., $5.1 million to Taylormade Golf Co. Inc., $3.5 million to Nike, $2.3 million to PING Inc. and $2.1 million to Titleist.Golfsmith CEO David Roussy blamed "a recession-driven decline in golf participation and an oversized brick-and-mortar retail presence" for its situation.Golfsmith was purchased at auction by Dick's Sporting Goods.