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HUNTINGTON BEACH, United States — Quiksilver Inc. investor Consac LLC is urging the clothing chain to put itself up for sale after it lost almost three-quarters of its value in the past year.
Ryan Drexler, Consac’s president, sent a letter to Quiksilver saying the company should find a buyer “in order to preserve diminishing shareholder value before Quiksilver’s conditions get even worse.”
Robert Jaffe, a spokesman for Huntington Beach, California- based Quiksilver, didn’t immediately respond to messages requesting comment. Consac said it owns more than 3.5 million shares of Quiksilver.
The surfwear chain’s stock tumbled last month after it replaced its top executives and restated earnings results. Pierre Agnes, who was Quiksilver’s president, was named chief executive officer on March 27. The management shake-up followed a disappointing sales forecast earlier in the month.
By: Lindsey Rupp; editors: Nick Turner and Kevin Orland.
