Billabong suffers $770m record loss

Australian surfwear brand Billabong has incurred around a US$770 million record net annual loss.

The figure is triple the firm's market value and significantly worse than the US$500 million forecasted loss. The news follows a 13.5 per cent plunge in Billabong’s global sales revenue to around US$1.20 billion and roughly US$541 million in writedowns.

Billabong chairman Ian Pollard said it had been "the most challenging period in the company's history", with 158 of its stores shutting down, selling the DaKine sportswear firm and restructuring watch brand Nixon that Billabong said it now valued at nil, according to AFP.

The Australian stock exchange-listed company saw shares dive 9.73 per cent in this morning’s trade to around US$0.46, which is still up on its June low of US$0.11 following multiple failed takeover bids.

Pollard, according to AFP, added that the company had entered a US$470 million refinancing deal with US private investment firm Altamont Capital partners and GSO Capital partners, including a five-year US$310 million estimated loan, share issue and asset-based credit facility from GE Capital.