This is so sad!
Billabong has been clothing surfers and beach bums for decades, but after losing $275.6 million in a year, or a 331% drop, they're having to downsize.
To get company back on its feet, Billabong plans to stabilize and leverage the brand, then expand their online presence and create a simpler business plan.
If that doesn't work out, private equity firm TPG, is prepared to buy them out for $694 million.
It’s never good to see a business go under, especially in this economy, so we hope they get the situation under control ASAP!
[Image via PR Photos.]