Pushing to focus on its core brands, Quiksilver Inc. said today that it will seek to sell its Surfdome Shop Ltd., Hawk Designs Inc. and Moskova brands.
The Huntington Beach, Calif.-based company said it would also pursue the divestiture of its licensed Maui and Sons business.
Quiksilver said it would exit the businesses as it completed the sale of its Mervin Manufacturing snowboard subsidiary for $58 million, purchased the minority interests in its joint ventures in Mexico and Brazil and established a 60 million euro, or $79.3 million at current exchange, European credit facility with Eurofactor.
“These transactions represent additional milestones in executing our multiyear profit improvement plan,” said Andy Mooney, president and chief executive officer of Quiksilver. “We used a portion of the Mervin proceeds to invest in our high-growth subsidiaries in Mexico and Brazil, and we now own 100 percent of our operations in both countries.”
He added that the offloading of the noncore brands “will allow management to focus on expanding our three core brands — Quiksilver, Roxy and DC Shoes – along with driving additional operational efficiencies.”
The Mervin, Surfdome, Hawk, Moskova and Maui business have been reclassified as discontinued operations. For the fiscal year ended Oct. 31, Quiksilver said the discontinued operations had sales of $83.2 million and gross profit of $43 million.
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