Billabong posts $777m loss, brand value drops to zero
Distressed Australian surfwear retailer Billabong International- which is currently negotiating a A$325 million ($290 million) refinancing deal with a consortium led by Altamont Capital Partners - has booked a net loss of A$860 million, while cutting the value of its namesake brand to zero.
According the company's full-year results disclosed yesterday, global sales revenue dropped 13.5% year-on-year to A$1.34 billion, while the company's flagship American operations saw revenue slide 5.7%...
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