Billabong sheds 400 jobs

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

Topics:  billabong job losses unemployment

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Snitz sizzles to win qualifier with ease

IN FULL FLIGHT: Brisbane jockey Robbie Fradd streaks clear to win the $150,000 NRRA Country Championships qualifier on board Snitz, trained by Matt Dunn, at Clarence River Jockey Club.

SHORT priced favourite sends everybody home happy.

Ballina Players brings popular military drama to the stage

ON STAGE: John Rado as Colonel Nathan Jessep and Dylan Wheeler as Lt Daniel Kaffee in the Ballina Players production of A Few Good Men.

Tickets are on sale for their new production of A Few Good Men

Triumph of dreams ... it all started with one bike

A CLASSIC: Meerschaum Vale's Col McAndrew with his Triumph 1956 Speed Twin which he will show at the Northern Rivers Classic Motorcycle Club's Show and Shine at Alstonville Plaza on March 18.

Col has six classic bikes; 100 expected at show

Local Partners