Jun
26
Trouble Afoot for Billabong, from Craig Mee
June 26, 2012 |
More retail trouble afoot for the Billabong surf brand.
I see the potential hazards of a singular founding father in control. Though it currently appears all hope is lost, opportunities on the long side may be surfacing. However, when put into context of what has gone on in the past six months it is no surprise. For starters, it has removed a chief executive, had a profit downgrade, issued an equity raising and knocked back a private equity offer at what was more than triple the present share price.
The company and Merchant have a lot of soul searching to do between now and a takeover but one thing is certain - Billabong will never be the same again.
Read more here.
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