It was a wonderful play while it lasted. Zumiez strolls, in says they’re going to one-up Billabong in the purchase of West 49 and then four days later decides that maybe it wasn’t such a good deal, according to the Associated Press.
Sports apparel retailer Zumiez Inc. said Tuesday it won’t be buying Canadian retailer West 49 Inc., saying it has not been able to reach an agreement over the due diligence process.
God know what kind of back room discussions have been going on in the last few days. Maybe this will allow Billabong to pay even less for the mall retailer now that they’ve been jilted? Or maybe West 49 will just have to go back to losing money on their own.
[Link: Bloomberg Businessweek]