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Quiksilver Buys Beach Street Stores for $7.5 Million in Stock

September 24, 2002|Leslie Earnest

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.

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