Billabong, which doesn’t appear to be in the driver’s seat with much of anything when it comes to its own financial situation, has laid down the law to its two suitors. Paul Naude (and friends) and VF Corp reportedly have until March 28, 2013 to make their final bids, according to a story on The Wall Street Journal. And then Billabong will just, well, they’ll just wait until someone makes them a lower offer later like they did last time. Because as we all know:
Billabong is battling to reverse an earnings decline triggered by the global slowdown, a strong Australian dollar that has diluted overseas income, and the dwindling appeal of its core brands among younger people. Sales in the Americas and Europe have fallen sharply as cautious consumers rein in spending or switch to other brands, leading to a build up of surplus clothing stock.
Aside from all that a deadline is a deadline, damnit!
[Link: The Wall Street Journal]