Callaway Golf to cut 12% of work force

Carlsbad, Calif. -- Callaway Golf said Wednesday it will cut 150 to 170 jobs, or about 12% of its work force, as demand for golf equipment has weakened.

The eliminated jobs will span all regions and levels, said the retailer.

Callaway has downwardly revised its full-year forecast after announcing in April that it expected a significant improvement in fiscal 2012.

The job cuts are expected to generate about $52 million in annual savings.

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