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.
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.
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: billabong, business, losing money, posting a loss, store closing, tpg