Quiksilver Seeking Sale to stay afloat
Quiksilver Inc., the surfwear chain that has lost more than three-quarters of its value this year, is looking for a buyer that could help keep the company afloat, according to people familiar with the matter.
Quiksilver has been holding discussions with potential strategic bidders, said the people, who asked not to be identified because the process isn’t public. The goal is a management-led buyout, ideally outside of a bankruptcy, that would let the company retain its stores, two of the people said.
The Huntington Beach, California-based chain replaced its top executives in March after the company had to restate earnings and projected disappointing sales. In June, Quiksilver scrapped its annual earnings forecast, saying a rebound would take longer than expected.
Quiksilver shares jumped as much as 32 percent on Wednesday after Bloomberg News reported on the discussions, before paring the gain later in the session. The stock closed at.... continue reading on Bloomberg ...
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