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As part of its full year results announcement, Billabong also announced it has reached a conditional agreement to acquire Rush Surf, a 36-store retail chain in Australia that operates primarily in Queensland. According to the release, the store is one of Billabong’s largest Australian customers, and the company plans to keep the store a multi-branded retailer that will continue to be run by Founder Wade James.

The sale is expected to complete in October 2010 and be EPS positive in year one.

Stay tuned to TransWorld Business for updates on this story, a breakdown of Billabong’s results, and make sure to listen into the company’s conference call, scheduled for August 20, 2010 at 10:00 Eastern Standard Time (New South Wales). For more info on the call, CLICK HERE.

For the complete 126 page report on the company’s performance, CLICK HERE.