Quicksilver selling majority stake in Surfdome to SurfStitch for about $16M in proceeds

Quicksilver is selling its majority stake in Surfdome to the Australia's SurfStitch for approximately $16 million in proceeds.

Both Surfdome and SurfStitch are online retailers of surf, skate and snowboarding gear.

Quicksilver Chairman and CEO Andy Mooney said Tuesday that the surfing gear company is trying to focus more on its core Quicksilver, Roxy and DC brands.

As part of the deal, Surfdome will continue to carry Quicksilver, Roxy and DC products under a two-year supply agreement.

The transaction is subject to SurfStitch reaching an agreement to buy the minority interest in Surfdome.

The deal is expected to close before year's end.

Quicksilver Inc. is based in Huntington Beach, California.