Huntington Beach-based Quiksilver Inc. said late Tuesday it’s selling its Cleveland Golf Co. for $132.5 million to Japan’s SRI Sports Ltd. but indicated it plans to keep the rest of its struggling Rossignol division.
The sale of Cleveland Golf, a maker of golf clubs, is set to close by Jan. 31.
Quiksilver acquired Cleveland Golf in its $500 million, 2005 buy of France’s Skis Rossignol SA, a maker of skis and other snow sports gear.
The deal was designed to expand Quiksilver beyond its mainstay clothes and shoes inspired by surfing and skateboarding.
But the sporting gear business, including Cleveland Golf, has proven unpredictable with slimmer profits than Quiksilver is used to from clothes.
The company had been looking to sell off Rossignol and possibly keep the name for clothes.
That seems to have changed as the company said it “remains fully committed to our vision to transform Rossignol to a global lifestyle brand and therefore to the continued ownership of the related hardgoods assets,” referring to skis, snowboards and other products.
Quiksilver still could look to sell off some parts of Rossignol, including its Dynastar, Lange, Look, Kerma and Risport brands.
