Billabong Wipes Out!

A 40-Year-Old Surf Company Declares Its Brand Is Worthless

It’s a literal wipe-out for Billabong, a venerable surf company founded 40 years ago on Australia’s Gold Coast by a pair of entrepreneurs who designed their first board shorts on a kitchen table. By writing down the value of its namesake and Element brands to zero after another year of astonishing losses, Billabong signals that it considers them worthless.

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