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Bonds News

Quiksilver sells Cleveland Golf unit

NEW YORK, Oct 30 (Reuters) - Surfing-inspired apparel maker Quiksilver Inc ZQK.N said on Tuesday that it has sold its Cleveland Golf Co Inc subsidiary for $132.5 million to Japan's SRI Sports Limited.

Quiksilver said it would use the net proceeds from the sale to repay existing debts.

The company had originally acquired a stake in Cleveland in 2005 as part of its acquisition of the Rossignol Group, and the remaining interest in the business had been acquired in 2007, it said.

The company said it is also evaluating ways to reduce its exposure to risk in some of its non-core winter equipment businesses.

Quiksilver said it had been advised by JPMorgan on the deal. (Reporting by Emily Chasan)

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