Indoor pickleball giant The Picklr files for bankruptcy

With pickleball exploding in popularity over the past couple of years, it's become common to see courts pop up across the country. Maybe too much of a good thing is bad, though, as indoor pickleball giant Picklr files for Chapter 11 bankruptcy.

Major player is struggling financially

Despite the sport's massive popularity, The Picklr Inc. filed for bankruptcy in the Northern District of Texas earlier this month. According to the filings, the company had liabilities of around $19 million.

The liabilities include a line of credit, a bank loan and local creditor claims. On the flip side, its assets are listed at $915,432.

Not caught up in the proceedings are The Picklr clubs and any independently owned franchise spots. These will continue to operate during the bankruptcy process.

There may already be a last-ditch plan

While not verified, there is talk of an investor group swooping in to "save the day." This potential new investor would bring much-needed cash to the table.

One franchisee and investor, Tom Neale, is speaking out in support of Picklr.

"While everyone’s opinion is not completely the same, there are a good many franchisees within the system, like me and our group that we’ve put together, who believe in the brand, who believe in the business and believe there’s a viable future going forward," Neale said.

Picklr blames its financial woes on rapid growth

When a sport is as popular as pickleball, it's hard to imagine how a massive company goes bankrupt. In the court filings, The Picklr blames growth that happened way too fast.

More than 40 club locations popped up across the country, and The Picklr Inc. was the financial guarantor on their leases. From there, the growth continued not just countrywide but also included Canada, Australia and Japan.

“We signed, unfortunately, too many corporate guarantees that landed on the holding company, and that’s on us,” founder and CEO Jorge Barragan told SBJ.

Your reminder to give the sport a try

For those who haven't given pickleball a try and don't get the allure, this is the perfect time to give it a go and see what the fuss is about.

Source: The U.S. Sun, Fox Business