Quiksilver's Hawk Designs to be SoldMonday, January 13, 2014
Huntington Beach-based Quiksilver Inc. said it is selling its clothing business Hawk Designs Inc. for $19 million to Cherokee Inc.
Sherman Oaks-based Cherokee owns several brands, including its namesake denim business along with Liz Lange, Sideout and Teen Hearts.
Quiksilver said that proceeds from the sale will go toward paying down debt as well as growth initiatives in emerging markets.
The action sports apparel maker and retailer said last year it was considering sales of what it called its non-core businesses, which included Hawk.
The company has been focused on growing its namesake brand, Roxy and DC in a bid to improve the business.
Quiksilver shares were down about 1.5% in afternoon trading Monday to a market value of $1.39 billion.