SURF-wear retailer Billabong has announced it is slashing 400 jobs worldwide including up to 80 positions in Australia as it reviews its operations.
The company made the announcement after reporting a 72 per cent slump in first-half earnings to $16.1 million.
It is planning the partial sale of its Nixon watch brand to Trilantic Capital Partners and will close up to 150 stores to cut debt.
The company confirmed it had received a buyout offer from private equity firm TPG Capital worth $3 a share but says the offer was subject to many conditions.
Chief executive Derek O'Neill told analysts he did not expect retail spending in Australia to recover any time soon, and the company had underestimated the impact of Europe's debt woes on the world economy.
Read more at ABC Online
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