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Volcom buys Laguna Surf & Sport

By Tiffany Montgomery
July 21, 2008 5:50 AM

Richard Woolcott mugRichard Woolcott, left, has repeatedly said he wants to keep Volcom's cash available to take advantages of opportunities that arise in the economic downturn.


An opportunity has come to fruition. Today, Volcom announced it is acquiring Laguna Surf & Sport's two stores in Laguna Beach and Aliso Viejo. Terms of the deal weren't disclosed.


The Laguna Surf & Sport name will remain the same and the retail team will remain in place. We'll probably learn more about the transaction when Volcom reports earnings this week.


The news comes weeks after Billabong announced it is acquiring retailer Quiet Flight.


As retailers continue to struggle in a tough economy, brands with resources that are eager to expand their retail operations will most likely buy more stores, many industry watchers believe.


Here's the release:


Volcom, Inc. (NASDAQ:VLCM - News) today announced a definitive agreement to acquire the retail operations of Laguna Surf & Sport, a core retail partner in Southern California that operates two stores serving the Laguna Beach and Aliso Viejo communities. The stores will continue to operate under the same name and experienced retail team. Terms of the transaction were not disclosed.


"Laguna Surf & Sport has been a landmark on the Southern California surf and skate scene for many years and this acquisition further demonstrates our dedication to core retail and its importance to Volcom," said Richard Woolcott, chairman and chief executive officer of Volcom. "It's great to now be more strongly aligned with one of our longest standing accounts and we look forward to working together even more closely in the years to come."


"This agreement truly represents a relationship that has come full circle," said Eric John, owner of Laguna Surf & Sport. "I have watched Volcom grow from a small operation to a leading global board sports brand and I'm excited to be more closely involved with the company. I am confident our new partnership will continue to enhance the retail experience of Laguna Surf & Sport."

 


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