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Retail in Oceania
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Billabong brand value collapses
AUSTRALIA, 2013/08/28 Billabong reported a US$769 million annual loss Tuesday that reflects a collapse in the price of its once hot surf and street fashion brands. The company said it marked down the price of its assets by Australian dollars 867 million (US$776 million). That write-off resulted in a net loss of AU$859.5 million (US$769 million) for the financial year ended June 30. The company has staggered through a series of business shake-ups and failed buyout offers. It says it is in the final stages of deficit refinancing negotiations that will allow the business to rebuild.
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