Quiksilver Inc. plans to close the sale of its Rossignol division early this month, but will give the buyer a more than 50 percent discount because of the worldwide credit crunch.

The company said Friday that it would sell the French ski and snowboard manufacturer to Chartreuse & Mont Blanc for 40 million euros, or $50.9 million at current exchange, consisting of cash of 30 million euros, or $38.2 million, and a seller’s note of 10 million euros, or $12.7 million. When it announced the deal in August, the Huntington, Calif.-based board sports apparel maker expected to receive 100 million euros, $127.2 million at current exchange, including 75 million euros, or $95.4 million, in cash and a 25 million euro, or $31.8 million, seller’s note.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus