Embattled online retailer SurfStitch has reached agreement to sell its Surfdome e-commerce operations in Britain, bringing its global ambitions to an end.
SurfStitch’s administrators John Park, Quentin Olde and Joseph Hansell of FTI Consulting have agreed to sell Surfdome to a British-based private equity backed sports and adventure retailer, Internet Fusion, for £7 million ( $11.8 million), including an upfront cash payment and a deferred consideration.
The total sale price is a fraction of the $45 million SurfStitch is reported to have paid in 2014, when co-founders Justin Cameron and Lex Pedersen bought Surfdome from Quiksilver Europe and founder Justine Stone.
Surfdome was one of three sizeable acquisitions made by SurfSt…
Read the full article at: http://www.afr.com/business/retail/surfstitch-sells-surfdome-ending-global-ambitions-20171011-gyyn29