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Billabong International Limited (ASX:BBG) will sell the Surfstitch and Swell online retailers, the move is part of a turnaround strategy for the troubled surf wear brand.
The company says the sale of Swell and its 51 per cent stake in Surfstitch will earn more than $35 million with agreements that they will continue to stock Billabong products.
CEO Neil Fiske says the deal allows their investment in the online presence and digital marketing of Billabong, RVCA and Element to grow, which will engage core consumers and benefit the wider business.
Billabong reported a net loss of $128 million in the first half of its 2014 financial year.
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