Surfwear retailer Billabong International is to buy the 36-door Rush Surf retail chain in Australia.
The company made the announcement earlier today (20 August) as it booked a 4.5% drop in full-year net profit after sales were hit by the continued appreciation of the Australian dollar.
Billabong said Rush mainly operates stores throughout regional Queensland and is one of the Billabong Group’s larger Australian customers. The deal is expected to be complete in October
It plans to retain the business as a multi-branded retailer and it will continue to be operated by its founder, Wade James.
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