Quiksilver has reached a definitive agreement to sell its majority stake in its U.K.-based online store, Surfdome Shop, to Surfstitch, the Australian online action sports retailer in which Billabong International held a 51 percent majority stake until August 2013. Under the agreement, Quiksilver will get about US$16 million for its shares in Surfdome, which will continue to sell its brands for the next two years. Quiksilver already took a $15 million asset impairment charge on Surfdome in the quarter ended last April because of its failure to sell the website as part of its strategy to focus on its core business. Surfdome has been growing in the U.K. and the rest of Europe and reached sales of about US$60 million in the 12 months ended in October 2014. Its operations will be combined with those of Surfstitch, which operates also under the Swell banner and delivers products to almost 100 countries from distribution centers in Australia, France, the U.K. and the U.S.

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