Home Videos Photos Shop
PerezHilton CocoPerez Beyoncé Britney Kanye VMAs PerezTV

Billabong Posts $275.6 Million Loss! Closing More Stores!

| Filed under: Fashion SmashionBusiness Blitz

billabong-closing-83-stores-after-posting-a-loss.jpg

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.

Gnarly!

In the next year, 82 stores will close, in addition to the 150 that are already being shut down.

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.

Sounds promising!

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.]

Tags: , , , , ,

MTV VMAs 2016: Hair, Makeup, & Shoes
MTV VMAs 2016: The Best Dressed List
MTV VMAs 2016: The Worst Dressed List
MTV VMAs 2016: All The Red Carpet & Performance Fashion
Worst Dressed Celebs Of The Week!
Best Dressed Celebs Of The Week!

Comments are closed.