According to a report in the Wall Street Journal, Billabong International Ltd. hired Financo, the New York-based boutique investment bank, to sell the Canadian action sports retailer West 49.
It comes as Billabong said takeover talks with separate consortia involving private equity firms Sycamore Partners and Altamont Capital had ended. Billabong said it will now pursue refinancing discussions as well as asset sales with both companies.
Billabong acquired West 49 in June 2010 for around 99 million Canadian dollars (US$96 million million), including debt. It currently has more than 70 stores, according to its website.
