Rip Curl Takes Over Australian Surf Dive-n-Ski Chain

Rip Curl Takes Over Australian Surf Dive-n-Ski Chain

According to the Australian Broadcasting Company, Rip Curl, theAustralian-based international surfing company, has taken over thedebt-ridden retail chain of Surf Dive-n-Ski, for an undisclosed amount.

The Surf Dive-n-Ski business, with stores operating in Victoria,Queensland and Western Australia, collapsed over three weeks ago, withdebts of about $15 million Australian dollars.

Rip Curl says the acquisition in no way involves Surf Dive-n-Ski NewSouth Wales, which is independently run.

And the Rip Curl management says the takeover is in the best interestsof the Australian surfing industry.

Earlier in October, The Australian Financial Review reported that theAustralian Securities and Investment Commission has sought help from theFBI to track down former Surf Dive-n-Ski Owner Lakhmi Daswani. When hisfifteen surf-apparel retail stores went belly up, he was in debt formore than 50-million Australian dollars.

Authorities are still looking for Daswani.