Sponsors
Billabong ▼ -0.005 | PPR ▲ +0.05 | American Apparel ▲ +0.117 | The Buckle ▲ +0.37 | Columbia ▲ +0.81 | Deckers Outdoor ▲ +2.01 | Dicks ▲ +0.29 | Foot Locker ▲ +0.18 | Genesco ▲ +0.65 | Iconix Brand Group ▲ +0.42 | Jarden Corp ▲ +1.08 | Nordstrom ▲ +0.25 | Luxottica ▲ +0.33 | Nike ▲ +0.45 | Pacific Sunwear ▲ +0.03 | Skullcandy ▲ +0.22 | Sport Chalet ▼ 0.00 | Urban Outfitters ▲ +0.36 | VF Corp ▼ -0.08 | Quiksilver ▲ +0.25 | Zumiez ▼ 0.00 | Macys ▲ +0.19 | Tillys ▲ +0.31 |
Ticker Sponsor
Readers Say
In touch with our business
In touch with our business

If you're not plugged into Shop-Eat-Surf.com daily, you're out of touch with our business!

- By Peter "PT" Townend, The ActivEmpire
I require all our executives to read it
I require all our executives to read it

There is no better publication that I am aware of that is so accurate and on top of any news and developments in our industry. I personally recommend it to many people that want to know and understand more about our industry. For the most part, shop-eat-surf.com gets the stories first. As a matter of fact, I require all the executives in our company to read it.

- By Hezy Shaked, President & CEO, Tilly's
New Industry Insight

Shorebreak Hotel as a venue for industry events. Cinematographer Louie Schwartzberg's "Moving Art Retreat" in June at Turtle Bay Resort. Details on Industry Insight.


Tiffany Montgomery
Print This Article

Rossignol sale closes

By Tiffany Montgomery
November 13, 2008 6:41 AM

Some good news from Quiksilver today as the company announced it has completed the sale of Rossignol. 

The company sold Rossignol to Chartreuse & Mont Blanc for 40 million Euros. Originally, the sale price was 100 million Euros.

Analysts tell me the important thing isn't the sale price, but that Quiksilver is rid of the Rossignol business, which has been draining cash and other resources from the core company.

The company will use the sale proceeds to help pay down debt.

In the release, Bob McKnight said the company can now focus on its core brands, Quiksilver, Roxy and DC.

Here's the release:

Quiksilver, Inc. Completes Sale of Rossignol

 

Thursday November 13, 9:00 am ET

Company to Focus on Core Apparel and Footwear Brands Quiksilver, Roxy and DC

 

HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--Quiksilver, Inc. (NYSE:ZQK - News) today announced that it had closed the sale of the "Rossignol Group" to Chartreuse & Mont Blanc. The transaction resulted from Quiksilver's initiative, announced in January 2008, to sell Rossignol in order to reduce its exposure to the winter sports equipment manufacturing business. The sale, which was effective as of November 12, 2008, carried a transaction value of €40 million, comprised of €30 million in cash and a €10 million Seller's Note. Net proceeds will be used to reduce indebtedness.

Robert B. McKnight, Jr., Chairman of the Board, Chief Executive and President of Quiksilver, Inc., commented, "The completion of this sale represents the culmination of our efforts to eliminate our exposure to hardgoods manufacturing. We're delighted that we can now return to our roots, do what we do best and once again fully concentrate our efforts on our core apparel and footwear brands Quiksilver, Roxy and DC."

In December 2007, Quiksilver sold the Roger Cleveland Golf Company to SRI Sports Limited in a transaction valued at $132.5 million. The "Rossignol Group" included Roger Cleveland Golf when Quiksilver acquired it in July 2005.

Quiksilver, Inc. was advised by JPMorgan on both sale transactions.


Articles You Might Have Missed