Quiksilver Buys Beach Street Stores for $7.5 Million in Stock
- Share via
Quiksilver Inc. said Monday it has purchased Beach Street Inc., operator of 26 Quiksilver outlet stores, for $7.5 million in stock.
The purchase of the Park City, Utah-based chain, which has stores in 16 states, is expected to add about $12 million to Quiksilver’s 2003 financial results next year, the company said.
“This acquisition further cements our control over our brands and our distribution,” Quiksilver Chief Executive Robert B. McKnight Jr. said. It will also make operations more efficient and decrease the company’s reliance on independent off-price retailers, he said.
Quiksilver’s stock closed Monday at $22.73, down 89 cents, in New York Stock Exchange trading.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.