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Australia's SurfStitch sells UK subsidiary

Australian online sportswear retailer SurfStitch Group Ltd said Oct. 12 that it sold its U.K. unit Surfdome Shop Ltd. to sports and adventure online retailer Internet Fusion Ltd., for about £7 million in cash, as part of a restructuring process to sell off noncore assets.

SurfStitch said the sale would help the company focus on its profitable Australian operations.

The amount paid by Internet Fusion includes an obligation to pay deferred consideration for the deal, SurfStitch added.