Quiksilver, Inc. announced plans to divest and exit Surfdome Shop, Ltd., Hawk Designs, Inc., its Moskova brand, and its business under license with Maui and Sons as part of its profit improvement plan. Under the plan, Quiksilver will classify Surfdome and Hawk Designs an apparel venture with skate board mogul Tony Hawk – alongside Mervin Manufacturing as assets held for sale and discontinued operations as of Oct. 31, 2013. The divestiture marks the newest initiative under a profit improvement plan announced in May. Quiksilver has already sold its snowboard subsidiary Mervin Manufacturing for $58 million and reinvested some of those proceeds buying out minority partners in its joint ventures in Mexico and Brazil. It has also established a €60 million European credit facility. Quiksilver President and CEO Andy Mooney said remaining proceeds from the Mervin sale, combined with the new European credit facility and the divestiture of the other non-core businesses will allow management to focus on expanding the company’s core Quiksilver, Roxy, and DC Shoes brands and enhancing operational efficiencies.
