Billabong might be sold and will close stores

Billabong International Ltd., Australia’s biggest surfwear maker, received a takeover approach from buyout firm TPG Capital valuing the company at $823 million. Shares of Gold Coast, Australia-based Billabong surged as much as 64 percent.

The TPG approach comes less than two months after Billabong started a review of its capital structure amid a slump in earnings and looming debt payments. Billabong said it would sell a majority stake in its Nixon brand into a venture with Trilantic Capital Partners.

The company, which owns 677 retail outlets globally, will review its network and expects to close 100 to 150 stores. Billabong will also cut 400 jobs. In the six months ended Dec. 31, net income slumped 72 percent.

ON THE MOVE

» Hospice Hawaii has hired Dr. Liane Toku­shige as its new medical director, who will work alongside current Medical Director Dr. Geoff Gal­braith. Toku­shige has 20 years of experience, including practicing specialty rheumatology at University of Hawaii Professional Practice.

» First Insurance Co. of Hawaii has named Chris Talbert as chief information officer and vice president of information technology solutions. Talbert has more than 30 years of experience in operations and information technology in the financial services industry.

» The newly re-branded Young’s Market Co. of Hawaii has appointed Philana Bou­vier as executive vice president and general manager, the first female executive in the company to be appointed general manager.