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Billabong reports annual loss after restructure

  • Surfwear company Billabong has reported its first annual loss since 2001 as it sets out to restructure its ailing business.

    Billabong reported a full year loss of $287 million for the year ending June 30, compared to a net profit of $123.5 million in the same period last year.

    Private equity firm TPG International has made an offer to buy the company for $721 million.

    Billabong suffered after it branched out into the retail sector in 2008 when the global financial crisis led to consumers spending less.

    The firm now aims to simplify its business and focus on core brands.