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Quiksilver Inc. investor Consac LLC is renewing calls for the clothing chain to put itself up for sale after it lost almost three-quarters of its value in the past year.
Ryan Drexler, Consac’s president, sent a letter to Quiksilver saying the company should find a buyer “in order to preserve diminishing shareholder value before Quiksilver’s conditions get even worse.”
Robert Jaffe, a spokesman for Huntington Beach, California-based Quiksilver, didn’t immediately respond to messages requesting comment. Consac said it owns more than 3.5 million shares of Quiksilver.
Consac, which also pushed Quiksilver to make a deal last month, said the maker of surf and snowboarding apparel and accessories could seek a strategic sale to Nike Inc. or VF Corp., which already own similar athletic lifestyle brands.
Quiksilver shares gained 1.7 percent to $1.76 on Wednesday in New York.
The chain’s stock had tumbled last month after it replaced its top executives and restated earnings results. Pierre Agnes, who was Quiksilver’s president, was named chief executive officer on March 27. He replaces Andy Mooney, who has left the company. Chief Financial Officer Richard Shields also stepped down.
The management shake-up followed a disappointing sales forecast earlier in the month and a restatement of earnings. Quiksilver said it made errors recording a writedown of the sale of its stake in Surfdome Shop Ltd.
Consac’s Drexler previously sent the company letters on Oct. 8 and March 9.
Quiksilver Plunges After Surfwear Chain Replaces CEO and CFO
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