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Why ClubCorp (MYCC) Stock is Sliding Today

NEW YORK (TheStreet) -- Shares of ClubCorp Holdings (MYCC - Get Report) are slumping by 5.5% to $12.54 on heavy trading volume late Thursday morning, after short seller Kerrisdale Capital Management said that the country club owner and operator is worth, at most, 80% less than its current price.

The Dallas-based company is heavily indebted and does not generate enough cash to justify more than a negligible equity value, the private investment firm said in a 25-page report released today.

Golf participation, rounds played and sales of golf equipment have all trended down over the past decade, especially among the younger players, the firm noted. Additionally, operating golf clubs is a capital intensive business. This has left the company vulnerable, Kerrisdale said.

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