This current predicament goes back to their days of expansion,...

This current predicament goes back to their days of expansion, fueled by debt. They are still paying for the sins of the past, as they try re-position the business for growth.

I visited some of their stores when I was in Hawaii and they were well decked out with customers spending money etc; however, they need a little magic and a new corporate direction. They have a terrific brand that kids still love. Sure there are always new brands, but Billabong as one of their brands still has a presence in the market place (whether you believe it or not).

We just need to get the Chinese surfing and she'll be as right as rain!

All in my opinion and please do your own research.