Quiksilver, Inc. has completed the sale of its majority ownership interest in Surfdome, an online retailer of action sports products, to SurfStitch Group, an Australian based online retailer of action sports products.
Quiksilver received net proceeds of approximately $16 million for its equity interest, loans and other amounts due from Surfdome.
As part of the transaction, Surfdome will continue to carry Quiksilver, Roxy and DC products under a two-year supply agreement.
Quiksilver, Inc., announced plans to divest Surfdome Shop Ltd,Hawk Designs Inc., its Moskova brand and some licenses a year ago as part of a profit improvement plan that calls for focusing on its core Quiksilver, Roxy, and DC brands.
Source:
http://www.sportsonesource.com/news/spor/spor_article.asp?section=8&Prod=1&id=54113