Globe International Ltd has started a cost-cutting initiative and closed several underperforming stores in Australia to prepare for expected poor international trading conditions over the next 12 months, reported the Australian Financial Review.
The surfwear and skateboard company shut stores that were part of PSC Skateboarding, which it bought in August 2006.
Globe reported a $24.6 million loss in fiscal 2008, with one-off charges of $24.8 million and a $20.6 million goodwill impairment. Billionaire Solomon Lew has a 5.9 per cent stake in the company.
Globe loses $25 million
Linear Mode
