Billabong International Ltd. reported a $811 million annual loss Tuesday that reflects a collapse in the value of the Australian company's once hot surf and street fashion brands.
The company said it marked down the value of its assets by $867 million Australian ($818 million). That write-off resulted in a net loss of $859.5 million Australian ($811 million) for the financial year ended June 30.
Billabong has staggered through a series of business shake-ups and failed buyout offers. In June, its shares fell by 50 per cent to 23 Australian cents after a takeover bid by two private equity firms failed.
The company says 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 per cent to $1.34 billion Australian 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 $90 million Australian in the company's financial statements released Tuesday, down from $614 million Australian two years earlier.
The company's shares closed down 5.3 per cent in Sydney.
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