Now it seems to be the turn of the golf courses. There are many corporate entities that are suffering a lot due to the recession and if you thought that this was limited just to finance companies. One of these is a golfing company, which is in the Lake George area. This company which has gone in for bankruptcy filing is said to be one of the oldest golf courses in the country. This is Holly Raj Inc. which is located on 8 Beach Road. There is also a gift shop and fast food stands that exist here. The gold course is said to date back to around 1927 or whereabouts, and is said to be the very oldest in the whole country.
There are a lot of people who are worried about what would happen to the community if the golf course would close down, as it does create a lot of jobs for folks there. Holly Raj has said that it has $4.74 million in assets and $4.73 million in debt. The company has serious cash flow issues and is likely to face many problems unless it goes in for bankruptcy filing. This is just a sign of the times and one would not be surprised if it were not the last of its kind.