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Archive for the ‘Business news’ Category

A new economic study has revealed that surfing is worth over £1.8 billion to the UK economy.

The first complete study on the value of surfing to the UK economy has been conducted by Surfers Against Sewage and economist Bryan Mills.

There are 500,000 surfers in the country of Queen Elizabeth II. Almost 17.5%    …  More

The two founders of Rip Curl, Doug “Claw” Warbrick and Brian “Sing Ding” Singer, have stepped down from the company they created in Torquay, ending a 44-year stretch at the group that started life in a garage and on a pre-World War II sewing machine.

Documents filed with the Australian Securities and Investments Commission show Warbrick and Singer ceased being directors of Rip Curl International last month, although they will   …  More

Billabong announced Thursday that it has accepted a financial rescue package worth more than $500 million to be provided by the private equity groups Centerbridge Partners and Oaktree Capital. This announcement comes a little more  than a month after the company unveiled a refinancing plan worth $315 million with Blackstone Credit Group’s GSO Capital Partners and Altamont Capital, another private investor firm which acquired the DaKine brand from Billabong in late July. The new credit line agreed upon with Centerbridge Partners and Oaktree Capital is worth approximately 570 million Australian dollars, which translates to $542 million US in debt and equity refinancing, according to   …  More

Quiksilver, Inc.announced operating results for the fiscal 2013 third quarter ended July 31, 2013. “Our third quarter results reflect progress on our path toward improving operating efficiencies,” said Andy Mooney, President and Chief Executive Officer of Quiksilver, Inc.

“Pro-forma adjusted EBITDA increased by $4 million, selling, general and administrative expenses were reduced by $9 million and we continued to   …  More