"Fewer, bigger and better" is what surfwear retailer Billabong is aiming for over the next 18 months to three years when the company focuses on turning around the business, which has been drowning in debt for the last few years.
Debt troubled surfwear retailer Billabong has received approximately AUD$315.8 million in funding from its new private equity partners, Centrebridge Partners and Oaktree Capital Management.
Billabong has a long road ahead of them as it plans to turn the company around after reporting a massive net loss of $859.5 million for the 2013 financial year.
The surfwear retailer's two main creditors lodged an application with the federal government's Takeovers Panel challenging the refinancing deal.
Billabong's discussions with each of the Altamont Capital Partners and Sycamore Partners regarding a debt refinancing deal have finally concluded but that has also meant Launa Inman's role as CEO of the company has been short-lived.
Billabong has said refinancing and asset sale discussions with potential suitors Altamont Capital Partners and Sycamore Partners are "well in advance".
Surfwear retailer Billabong is looking for an alternative option after talks of a takeover with two private equity firms has ended.
Billabong has entered into another trading halt ahead of a confirmed takeover.
Billabong has granted its potential buyer Sycamore Consortium an extra 10 days of exclusivity as talks about a takeover continues.
While Billabong's share prices continue to fall, the market waits eagerly to see if the surfwear's latest negotiations will help save the troubled company.
Billabong is currently being suspended indefinitely as negotiations with two potential buyers continue.
This is the second trading halt the surfwear company has called for less than two weeks.
As Billabong undergoes its four year long transformation strategy, which was announced in August 2012, the company has had to take a hard hit before improvements can be seen.
Billabong has received another takeover offer.
Billabong has appointed a new chief financial officer.
Billabong's chairman Ted Kunkel has defended the company's decision made earlier this year to reject the proposed offers for a takeover.
Billabong has appointed a new member to the board as non-executive director.
Billabong's only remaining bidder TPG has now withdrawn its offer to buy all of the company's shares.
Billabong has appointed Ian Pollard as a director and Chairman Elect of its Board who join the committee on 24 October 2012.
Billabong's unknown bidder has withdrawn its offer after making a bid for the surfwear company on September 6.
Surfwear brand Rip Curl has been hit by the downturn in consumer spending and is now up for sale.
In less than six weeks of receiving an offer from TPG International for $1.45 cash per share, surfwear retailer Billabong has received another proposal from an unnamed bidder for a takeover.
Billabong has announced its transformation strategy, which is expected to provide a clear pathway to unlocking the inherent value within the Billabong Group.
Following TPG's second bid, Billabong has granted the company the opportunity to conduct non-exclusive due diligence.
TPG, who has secured the support of Colonial First State and Perennial Value Management, has offered its second takeover bid to Billabong of $1.45 per share.
Billabong has picked former Target managing director Launa Inman to help lead the company out of trouble.
Billabong has completed the partial sales of Nixon to its joint venture partner Trilantic Capital Partners for US$285 million.
As Billabong continues to swim in deep waters after reporting an earnings slump in its half year results, rejecting TPG's offer to buy half of its assets and the decision to close stores, its US operation continues to remain strong.
This comes as part of the surfwear company’s announcement of its first half year profits where it achieved a mere $16.097 million.
Just like its fellow retailer JB Hi-Fi, Billabong was reporting at its AGM in October to be trading wel but this quarter the sales growth trend has "deteriorated significantly".
The company has reported that total sales for the September quarter were up 24.7 per cent over the same period in the prior year.
The company said that while its offices and warehouses in Japan have not suffered any physical damage, a number of its company owned retail stores and wider wholesale account base will likely to be affected.
The company reported $834.9 million in group sales revenue, which was up 15.8 per cent in Australian dollar terms compared to the prior corresponding year.
The company now anticipates first-half NPAT will be 8 to 13 per cent lower than the prior year in constant currency terms.
The company has acquired 38 retail stores from the General Pants Group and associated parties.
Billabong has predicated that earnings will be reasonably flat in 2010-11 as the company experiences pressure from the strong Australian dollar.
Expected to be completed on 1 November 2010, the acquisition comprises of 38 SDS and Jetty Surf retail banners, along with two licensed Billabong stores.
Strong sales in Australia and the region have helped surfwear company Rip Curl
Billabong has sold its DaKine brand to complete a $325 million bridge loan as part of paying off its debts.