In its continuing battle to throw off ballast, Billabong has finally sold Canadian action mall retailer West 49 to Candian mall fashion retailer YM, Inc. for approximately $10 million, according to a story on Reuters. These are the same stores that Billabong paid $93 million for in August of 2010.
Both companies have also entered into a two-year supply agreement while Billabong will retain its six eponymous stores and two Element stores in Canada. . . “The sale of West 49 is part of our broader strategy of simplifying our business and focusing on the core of what we do best, which is building strong global brands,” Neil Fiske, CEO of Billabong said in a statement.
Yeah, that and turning $93 million into $10 million in three years. Billabong had been trying to off load West since May 2013.
[Link: Reuters]
