Surf's Down: Billabong Is Now Worth $0
Longtime Australia company has its worst year ever
By John Johnson, Newser Staff
Posted Aug 27, 2013 12:46 PM CDT
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(Newser) – Bust out the "wipeout" surfing analogies for Billabong: The Aussie surfwear brand had been valued at $3.5 billion as recently as 2007. Today? It is literally worthless. The 40-year-old company reported a net loss of $772 million for the fiscal year and wrote down the value of the Billabong label to zero, reports the BBC. The company's been teetering under huge debt following an oh-so-optimistic attempt at international expansion—as seen by the closing of 158 stores worldwide.

“It probably isn’t cool any more for the youth of today to wear Billabong,” an analyst in Sydney tells Bloomberg. “You can see how much the core business has deteriorated over the last few years. There’s still a massive challenge to get the business going right.” The company is considering deals from private equity groups, but in terms of financial worth, it's now pretty much back to its humble roots—the kitchen of its surfer-founder, Gordon Merchant, notes the Age.

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InferiorToYou
Aug 28, 2013 1:43 AM CDT
I'll give you $1 for the bong, you can keep the billa
right2dave
Aug 28, 2013 12:07 AM CDT
Uggs originally made for surfers to warm their feet when rhy came out of the water. TIE ME DINGO DOWN BOY! Uggs not soing so hot either: GOLETA, Calif.--(BUSINESS WIRE)--Jul. 25, 2013-- Deckers Outdoor Corporation (NASDAQ: DECK) today announced financial results for the second quarter ended June 30, 2013. Second Quarter Review Net sales decreased 2.5% to $170.1 million compared to $174.4 million for the same period last year. Gross margin was 41.1% compared to 42.2% for the same period last year. Diluted loss per share was $(0.85) compared to $(0.53) for the same period last year. UGG® brand sales decreased 6.9% to $100.4 million compared to $107.9 million for the same period last year. for the thirteen weeks ending June 30, 2013 compared to the thirteen weeks ending July 1, 2012. eCommerce sales increased 34.2% to $10.7 million compared to $8.0 million for the same period last year. Domestic sales decreased 3.0% to $110.1 million compared to $113.5 million for the same period last year. International sales decreased 1.6% to $60.0 million compared to $61.0 million for the same period last year.
Who_Cares
Aug 27, 2013 4:50 PM CDT
This sounds like that advertisement: "I won nothing". Maybe is time to buy in.