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.