Australia's Billabong has declared its 40-year-old surf brand worthless after the company’s losses tripled amid store closures, firings and a breach of debt terms.
Founded by Gordon Merchant in 1973, Billabong helped sell Australian surfing culture worldwide and rose to a market value of A$3.84 billion ($3.45 billion) at its peak in 2007.
Earnings have plummeted in the last two years as competitors including Abercrombie & Fitch stole market share and Billabong took on debt to...
Subscribe from just €1 for the first month!
All Digital Access + eReader
Unlimited Access for 1 Month
Then €19.99 a month after the offer period.
€149 For the 1st Year
Unlimited Access for 1 Year
90 Day Pass
Get a Business Account for you and your team