After rumors circulated this morning on social media that the Ben Hogan Golf Equipment Company had laid off all its employees and was going out of business, the company responded with a press release that calls the reports “greatly exaggerated.”

“While our organization does not look the same today as it did in 2016, we are confident that the changes we are making will make us a stronger and better company in the future,” said Ben Hogan Golf Equipment CEO Scott White.

According to the release, the Fort Worth, Texas-based company is going through a voluntary reorganization with the stated goals of minimizing expenses and streamlining operations — “approximately 30 [employees]” were laid off, according to Golf Digest, and “CEO Scott White said it hoped to rehire some as contract employees.”

“The company has not declared bankruptcy nor been foreclosed upon, and remains in the business of producing and selling the highest quality and most precise golf equipment in the world,” the press release said. Company representatives did not return calls from GolfWRX for comment.

The Ben Hogan Golf Company was re-launched under the leadership of golf equipment industry veteran Terry Koehler in 2014, who worked at the original company founded by nine-time major championship winner Ben Hogan. The company is best known for its lines of forged irons and wedges, which are sold in individual lofts (20-63 degrees) to help golfers improve their distance control and gapping.

Koehler stepped down as CEO this summer, and was replaced by Scott White.