Thursday February 20, 2020

Surf brand Billabong declared "worthless"

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.

27th August, 2013
Billabong outlet, Sydney

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...

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