Billabong is basically bust any company that has fallen 97% from its highs has effectively gone to zero. Unfortunately the store/lease network has strangled the company to death. Sadly rather than try and recover some value all of these takeover offers have taken both management and frontline staffs eyes off the ball even more so, thus reducing company value even further.
What will happen with Billabong is that the final buyer will either buy the company for next to nothing via a takeover or debt restructuring. Or alternatively they will wait until the company goes into receivership and then they will just buy the brand itself. They can do this because the company is in terminal decline and sales have not been strong enough to offset the bad corporate management.
Either way common shareholders will walk away with very little (unless they bought in the last few days and even then they will still face heavy losses).
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