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In an article posted Monday, May 19, the Los Angeles Times reports on SIMA’s Surf Summit with a headline reading “Surf Wear Makers Hit Rough Waters.” Citing declining sales and falling stock prices within the action sports industry, the Times quotes Reef co-founder and International Surfing Association president Fernando Aguerre: “Right now, everybody’s paranoid. I think the whole industry probably has a sharper eye on their financials.” Besides the economic downturn, the LA Times report also pointed to the declining housing market in the surf/skate market’s epicenter: Southern California.
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