Billabong has announced it will cut up to 400 jobs worldwide including 80 positions in Australia as part of a $30 million restructure.

This comes as part of the surfwear company’s announcement of its first half year profits where it achieved a mere $16.097 million, which is a huge 71 per cent slump for the six months to 31 December 2011.

The job losses are the result of the company’s plan to close between 100 and 150 stores worldwide.

“Billabong is undertaking a review of its retail network with a view to close loss-making stores and stores performing below expectations,” Billabong said in a statement.

It also announced it will be selling 48.5 per cent of its Nixon Inc watches and accessories brand to Trilantic Capital Partners (TCP), resulting in the establishment of a joint venture.