Billabong has today reported a $859.5m annual loss which reflects a collapse in the value of its once popular surf and street fashion brands.
The company said it marked down the value of its assets by $867m and the write-off resulted in a net loss of $859.5m for the financial year ended June 30.
The company has staggered through a series of business shake-ups and failed buyout offers. It said it is in the final stages of debt refinancing negotiations that will allow the business to rebuild.
Billabong's global sales for the year fell 13% to $1.34 billion reflecting store closures, Europe's weak economy and the fading allure of its brands
The Billabong and other brands owned by the retailer were valued at $90m in the company's financial statements, down from $614m two years earlier.