Boardriders Lays Off 170 Employees In Move To Reduce Costs
Getting themselves into fighting shape for acquisition?
Boardriders, the company which owns Billabong, Quiksilver, RVCA, Roxy, DC Shoes, Element, and VonZipper brands, has cut more than 170 jobs this week in a move to reduce costs and simplify operations.
Currently owned by Oaktree Capital Management, Boardriders has been looking to sell for several months now and, amid an economic downturn, has eliminated more than 110 positions in the Americas and 60 in the Asia-Pacific region.
“The reorganization will reduce complexity across the value chain and more fully leverage the global platform the company has built,” reads the company’s statement on Shop Eat Surf. Just last month, Billabong sold their six-bed, four-bath Pipe house off market to a company insider for an estimated $6 million.
Quiksilver, DC, and Roxy were acquired by Oaktree in 2016. In 2018, Oaktree acquired Billabong and its portfolio of brands (including RVCA) to create the Boardriders group. As mentioned above, it is widely believed that Oaktree is currently trying to sell Boardriders.
This week’s cost-cutting measure may suggest that an acquisition is imminent. It is unclear whether the sale would occur label-by-label or in a package deal. The announcement comes after one of the most chaotic months for surf sponsorship since COVID, resulting in seven current present and former CT surfers losing or changing sponsors.
The HBHQ and Costa Mesa offices will be closed this week for those dismissed to collect belongings and return equipment.
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