Search: billabong

Quiksilver Makes $1 Offer For Billabong

by The Editors on November 30, 2017

Good lord, it’s finally happening. Today, December 1, 2017 Boardriders Inc. has made an offer to acquire all of the shares in Billabong at a price of $1 cash per share. 

Billabong International Limited (Billabong) (ASX: BBG) confirms that it has received a confidential, indicative and non-binding proposal from Boardriders, Inc. (Boardriders) to acquire all of the shares in Billabong, other than those already owned by Boardriders’ related entities, at a price of $1.00 cash per share, via a scheme of arrangement (the Indicative Proposal). Funds managed by Oaktree Capital Management, L.P.(Oaktree) have a majority interest in Boardriders. Oaktree, through controlled entities, already holds 19% of the shares in Billabong and is one of Billabong’s two senior lenders.

The idea has been batting around since October 14, 2015 and it looks like the timing is finally right. This still has to pass a unanimous recommendation from the Billabong Board (among other things) but really, what other option do they have? For the official press release from Billabong, please follow the jump.

[click to continue…]

{ 0 comments }

Billabong Looking To Buy Rip Curl

by The Editors on October 30, 2017

Maybe someone who understands how business works can explain why Billabong, the company that ran itself onto the rocks after paying way to much for way too many smaller companies would now, after beginning to claw their way back to open ocean, look at picking up Rip Curl, and an online retailer (Surfstitch) which they have already bought and sold once, according to a story in The Australian.

Anyone have any theories? Increased sales? Independent online retail looking up? Eliminate a competitor? Give money to their friends and former business associates?

{ 1 comment }

Billabong Looks To Nordies For CFO

by The Editors on June 1, 2017

Over the past decade Billabong has had nothing but trouble running their own retail stores. Not to rehash it all, but they’ve bought retailers and online retailers and partnered with other retailers all without ever gaining traction or experiencing any real success. But they’re planning to fix all that with the hire of Jim Howell as chief financial officer of the company.

Mr Howell has spent the last 10 years leading the finance and treasury division at Nordstrom, one of the largest retailers in the United States, where he oversaw significant cost management improvements, capital management and growth initiatives. . . He played a key role in the implementation of Nordstrom’s highly successful omni- channel retailing strategy, which has demonstrated consistent best in class financial performance.

Sounds like they have the right guy for the job. We hope Mr. Howell is up for a challenge. He starts at the Bong on June 12, 2017, and will be based in California. For the official word from Billabong, please follow the jump.

[click to continue…]

{ 0 comments }

Billabong Does A Business Thing

by The Editors on February 23, 2017

So, today Billabong announces they’re selling the Tigerlilly fashion brand. And while we couldn’t care less about the news, what we always find comical in these transactions is what the company says about the transaction and how it fits right in with the company’s fiscal plans (plans that are always in direct opposition to the reasons the company bought the brand in the first place).

For example, in December of 2007 when Billabong bought Tigerlilly then CEO Derek O’Niell said: ”We have been seeking to expand our girls business and Tigerlily, with its accent on swim, is very complementary to our Billabong Girls brand.”

Now, seven years later, while selling the brand Billabong says: “The transaction is in line with Billabong’s strategy to simplify its brand portfolio.”

See what they did there? In an odd twist (at least for Billabong) this sale will reportedly generate more revenue than the company originally paid for the brand. The sale will reportedly generate $60 million and they only paid $5.8 million for seven years ago. Usually, it’s the other way around. Follow the jump for the official release.

[click to continue…]

{ 0 comments }

Ex-Billabong CEO Gets 8 Year Prison Sentence

by The Editors on January 27, 2017

Former Billabong CEO Matthew Perrin was sentenced to eight years in prison for fraud and forgery on January 27, 2017, according to a story on News.com.au.

In sentencing the 44-year-old to eight years behind bars, District Court Judge Julie Dick said he still had “no self realisation or remorse”. . . “You seem to simply refuse to recognise that it was you who forged documents and you who caused them to be presented to the bank,” Judge Dick said. . . She said he blamed his ex-wife Nicole Bricknell, the Commonwealth Bank and his former business partners.

Doesn’t sound like odd behavior for a corporate CEO. This one just got caught, it seems. But it’s not over for him. He’s 44 year old and will be eligible for parole in 2021, unless his lawyers can overturn his conviction on appeal, which is exactly what they are going claiming “the jury’s verdict ‘was unsafe and unsatisfactory’.”

Unfortunately, in Australia it seems that they don’t have special country club prisons for white-collar criminals and Perrin will be placed in Arthur Gorrie Prison with “rapists and murderers” according to a story in the Gold Coast News

[Link: News.com.au]

{ 1 comment }

Billabong Loses $23.7 Million More

by The Editors on August 26, 2016

billabong_corp-tm.jpgIt’s been a rough year for the beleaguered Billabong. Last year they were back on the come-up with a profit of $4.2 million (which is kind of a sad thing to be happy about for the once profitable surf giant), but this year they say the taxes got ’em, according to a story in the Gold Coast Bulletin.

Billabong said more than two-thirds of its decline related to higher tax costs, with a tax expense of $7.8 million this year compared to a $12.2 million tax credit a year earlier. . . CEO Neil Fiske said FY16 was an “extraordinarily tough year” which had seen Billabong hit a significant “speed bump” in its multi-year turnaround strategy. . . But, he said, most of the pain had been outside Billabong’s control and he believes FY16 will be the year the company finally turns a corner.

It’s always next year isn’t it? We all hope for rainbows and unicorns in the coming fiscal year, don’t we? We certainly do and if we can share some of them with Billabong, we’ll do it.

[Link: Gold Coast Bulletin]

{ 0 comments }

Billabong Unloads Sector 9

by The Editors on June 29, 2016

sector9_logoAfter buying Sector 9 Skateboards  for undisclosed sum in July of 2008, Billabong has apprently decided that in 2016 they’d rather have US $12 million than continue to operate a longboard company. The company has now sold the business to Bravo Sports, the parent company of Pro Tec, Kryptonics, and Maple.

“Our priority as a Company has been lifting the performance of our three biggest global brands in Billabong, RVCA and Element, while simplifying the business wherever possible. This transaction is part of that simplification and is consistent with our stated strategy,” said Billabong CEO Neil Fiske.

Yes, Billabong is now running in the opposite direction that they were running in 2008. And they are just as optimistic about selling Sector 9 (for a fraction of what they paid) as they were buying it. Luckily, no one in business remembers the past.

For the official word from Billabong, please follow the jump.

[click to continue…]

{ 0 comments }

Billabong Pays For “Sex Wax” Smell In Stores

by The Editors on April 26, 2016

billabong_corp-tm.jpgBillabong’s retails stores have apparently gotten so far removed from being actual surf shops that they’ve been forced to hire a company called Mood Media (formerly known as Musak) to “develop a sound and scent” strategy to help their retails stores smell more authentic, according to a story on SportsOneSource.

The Mood team, in partnership with ScentAir, created a tailored scent solution for the Billabong stores as part of the new strategy. A fragrance called “Sex Wax,” based on the well-known surfboard wax brand, was developed to help customers experience the essence of the Billabong brand. . . “We are delighted to help Billabong create a bespoke in-store experience for its customers. By developing a new sound design and fragrance with Mood, Billabong can now plunge guests into an immersive experience based on our unique technology and creative solutions,” said Linda Ralph, International VP of Business Development at Mood.

It should be mentioned that this is a story we would have made up for April Fools Day had we cared enough about Billabong retail stores to make fun of them. Seriously, can action retail get any sadder than this?

[Link: SportsOneSource]

{ 1 comment }

Billabong Hit With Class Action Suit

by The Editors on March 26, 2015

Billabong CorpSome investors (Malone Family Superannuation Fund) who lost money when Billabong shares tanked in 2012 are now suing the company saying Billabong breached “its disclosure obligations,” according to a Reuters story.

The fund bought just under A$30,000 ($23,466) worth of Billabong shares at an average of A$4.35 per share in November 2011, the statement from the legal firm added. The shares later fell following a series of earnings downgrades. . . If Billabong had been more forthright, the fund “would either have bought Billabong securities at a price which had not been artificially inflated or they would have acquired securities in another listed entity instead”, the statement added.

Not surprisingly Billabong disagrees and says it will “vigorously defend” itself.

[Link: Reuters]

{ 0 comments }

Final Day Of The Billabong Pipe Masters Live

by The Editors on December 19, 2014

{ 0 comments }