Billabong losses triple as brand is now ‘worthless’

Billabong International said its 40-year-old surf brand was worthless after the company’s losses tripled amid store closures, firings, a breach of debt terms and tumbling stock price.

Founded by Gordon Merchant in 1973, Billabong helped sell Australian surfing culture worldwide and rose to a market value of A$3.84bn (€2.57bn) at its peak in 2007.

Earnings have plummeted in the last two years as competitors including Abercrombie & Fitch stole market share and Billabong took on debt to build a store network it’s now shrinking.