SURFSTITCH founders Lex Pederson (pictured) and Justin Cameron have extended their reach in the online retailing space by taking back full control of their company and buying Billabong’s (ASX: BBG) Swell business in a $35 million deal.

The move, widely expected by the surfwear industry for some time, is part of Billabong’s ongoing debt reduction strategy and plans to turn its attention to websites promoting its core brands.

Billabong owned 51 per cent of Surfstitch after taking a minority interest in the company in 2009.

But the buyout could see the Burleigh-based SurfStitch make a return to its hometown of Sydney following the severing of ties with Billabong.

SurfStitch did not respond to Gold Coast Business News’s requests for an interview.

Full story here http://www.goldcoastbusinessnews.com.au/articles/surfstitch-sold–but-where-to-now-.html