February 17, 2012

Billabong Makes Announcement After Strategic Review

Billabong put its shares into a trading halt yesterday based on an upcoming announcement from a strategic review they had been doing. That announcement has just happened and according to Business Spectator, the company plans to sell just below half of Nixon to a private equity firm, close between 100 and 150 stores worldwide and lay off 400 staff (around 80 in Australia) beginning in 2013. Billabong shares were worth A$17.96 a share at its peak in May 2007 but were trading for under $2 yesterday until the announcement. They are now 56% higher. For more, head over here.

by POP Magazine