Billabong is apparently refinancing to the tune of US$780 million, according to a story on ifrasia.com.
Billabong International, an ASX-listed surf and skate lifestyle retailer, has signed a US$790m refinancing split equally between a three- and four-year loan. The four Aussie majors – ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac – were the bookrunners on the deal, which saw three others joining.
Looks like everyone is taking advantage of new lower interest rates.
[Link: ifrasia.com]
So happy to see that the business structure of..”let’s own EVERYTHING” is going down in flames. (slowly but surely) Feeling a bit over extended Billabong? Well, welcome to the World at large. Bet you did not see that coming when your astute financial planners made the aquisitions suggestions right? Yeah, the economy’s been so strong and growth forcasts MUST come true. Oh well, you’re probably “too big to fail” and will only have to shrink here and there (fire employees, lose small core accts, drop a line or two), maybe sell more goods to Marshals and other discount retail chains while hardworking SURF SHOPs fail to compete with that pricing.
Yea!, we all get to suffer with you! Maybe if you’re busy “counting tube rides” (guess you gotta go pay for them not being able to hook it up locally cause you’re feebling along? aren’t there GOOD waves in AUS?) you will not care how many folks drop off the support staff: core shops, broke reps, any surfer w/a grain of individuality? Who cares…not me! I’m seeing less and less of “big brands” on core surfers, or surfers over 25-30 years old, cause we KNOW you’ve sold out the true spirit of surf to the masses!
Well, if you’re big and got lots of (diminishing) collateral, why the hell NOT roll the dice and refi to your hearts content! It’s easier than being a good business engine and figuring out how BEST to spend money and grow in a sustainable manner!
POWER, MONEY, GREED!!!!! what surfing is built on…
I haven’t been in the $10k/month (rent) space in S Cruz yet, nor do I plan to…how long will that last? he, he, he….die, die, die, my darlings!
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