Nike Looks At A Possible Sale Of Surfwear Brand Hurley Amid Declining Consumer Demand

Nike Inc. (NKE) reportedly is looking to offload its surfwear brand, Hurley International as consumers shift away for the brand’s market.

According to Reuters, surfwear is fading as consumers look to purchase boutique brands and more retro streetwear instead of the surf style that Nike offers through Hurley.

Other surfwear brands have suffered from the decline in customer demand with Quiksilver filing for bankruptcy in 2015. It was eventually taken over by private equity firm Oaktree Capital Management.

Nike is pursuing its options for Hurley, which may include a complete sale of the company, which at this time is unclear how much the brand would sell for, the news outlet said.

Nike acquired Hurley in 2002 for an undisclosed amount. At the time, Nike was reportedly looking to expand beyond its athletic offering by adding surfing, skating, and snowboarding apparel.

The Hurley brand was found by Bob Hurley in 1979.

Shares of Nike stock were down 0.17 percent as of 11:56 a.m. ET on Friday.