Industry News

Quiksilver Cuts More Jobs

Surfersvillage Global Surf News, 6 November, 2009 : - - Huntington Beach-based Quiksilver Inc. has laid off 125 workers at its headquarters and elsewhere in Southern California as part of its ongoing cost cutting. In all, 200 jobs were cut including 75 vacant positions at Quiksilver. The cuts came at Quiksilver’s America unit, including at its Roxy brand and DC Shoes. Cuts also came at the company’s Mira Loma warehouse.

Earlier this year, Quiksilver cut 200 jobs. The latest cuts bring Quiksilver’s layoffs to more than 700 in the past two years as its deals with the worst retail downturn in recent memory and its own financial issues. Quiksilver unloaded Rossignol in a fire sale late last year but was left by $1 billion in short- and long-term debt from the deal.

France’s Rhône Group LLC is lending Quiksilver about $150 million over five years to help the company refinance a U.S. line of credit and consolidate its European debt. The deal included $25.6 million in warrants that allow Rhone to buy about 20% of Quiksilver’s shares.

Read the full article at the OC Business Register

www.quiksilver.com

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Source OC Business Register

Industry - Surfersvillage