Billabong reports big loss, but buyers still preparing to bid
27/02/2013
It said that due dilligence into its operations by two groups interested in purchasing Billabong were ongoing. The two groups, one a combination of clothing group VF Corporation and San Francisco-based venture capital firm Altamont, the other from New York-based private equity firm Sycamore Partners, will complete their due dilligence in March, Billabong said.
At the time of the results announcement, chief executive, Launa Inman said: “We have continued to address issues of the past and are seeing some positive signs emerging in several markets and witnessing early benefits of the transformation strategy. These results emphasise that significant structural change is essential to return the group to profitable growth. Our focus remains on simplification of the business, reducing costs and continuing to build a culture of transparency and accountability providing a platform for future growth for our brands.”
In comments to Australian media, she later said that the results were not only disappointing, but that they were “unacceptable”.
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