66.9 F
Laguna Hills
Thursday, Sep 29, 2022

Quiksilver Cuts Losses in Q3

Huntington Beach-based Quiksilver Inc. lost $124.7 million in its third quarter ended July 31 compared with a loss of $220.6 million in the same period last year.

Net revenue declined from $181 million to $161.4 million.

Quiksilver had $92 million in cash and credit available as of July 31.

The surf apparel maker filed an unaudited quarterly report yesterday.

It filed for bankruptcy for its U.S. operations last week.

Los Angeles-based private equity firm Oaktree Capital Management LP is set to take a majority stake in the company’s U.S. operations; Quiksilver’s businesses in Europe and Asia are not part of the filing.

Operations outside the U.S. accounted for two-thirds of the company’s $1.57 billion in revenue last year.

Oaktree and Bank of America expect to provide $175 million in debtor-in-possession financing to Quiksilver.

Quiksilver shares, which formerly traded on the NYSE, closed today on the OTC market at 2 cents for a market cap of $3.2 million.


Featured Articles


Related Articles