Business Briefs
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.
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