My outlook isn't as bleak as Brian's or Lou's. I don't believe that golf in small towns is doomed. At the same time, though, it's silly to pretend location didn't play any factor in Piqua CC's struggles. Troy is actually 10 miles SOUTH of Piqua, and Troy CC is 10 minutes closer to Dayton than Piqua CC is. Any club in a town of 20,000 with a lack of industry needs to be able to draw members from surrounding towns, and that job is exponentially easier for a club located within 20 miles of a city of over 100,000 residents than it is for a club over 30 miles from such a city. That difference may seem small, but an extra 10 miles of driving plays a big factor in whether someone will join a local club or not.
These comparisons between Piqua/Battle Creek or Piqua/Lima are ridiculous. Piqua is a town of 20,000 whose largest employer is literally the local Wal-Mart. Lima proper is only double the size of Piqua, but it's the seat of a 100,000 person MSA with a health system that supports a few hundred physicians, among other large employers. Battle Creek is the hub of a 140,000 person MSA, making it almost 7 times the size of Piqua. It's the home of several multinational companies, and is closer to Kalamazoo (pop. 75,000, MSA pop. 330,000) than Piqua is to Dayton.
When a club that has existed for 118 years goes bankrupt, you can bet that there are numerous issues at play. Piqua CC no doubt accumulated too much debt. They also likely overspent in other areas, charged dues too high for the local economy to support, and faced an uphill battle due to a location that didn't offer a significant enough local population to pull members from. They may have also had marketing shortcomings and faced competition from nearby clubs, such as Troy CC. Businesses generally fail for systematic reasons. Regardless, it's unfortunate to see 9 more Ross holes and a 118 year old club disappearing. All I can really do is wish the best for the members and especially the staff, who are out a job at the peak of the holiday season.
Troy CC's own website discusses how they hit rock bottom just three or four years ago at around 150 members before rebounding to 300 today. I'd be curious to know how they grew so rapidly. As for what happens next with Piqua's property, I offered a guess that it will be purchased for retail or real estate. I have no opinion on whether either of those is a GOOD idea, but that's my guess at what happens.