Billabong rides rough retail surf

The surfwear retailer unveiled a swathe of job cuts and store closures, and tumbling half-year profits, but the partial sale of its Nixon brand gives it a much stronger platform to deal with private equity bidders.

Shares in reeling retailer, Billabong, soared today. Critical to the future of the retailer is the question of whether that was due to the outcome of its strategic review of its capital structure or its confirmation of a $765 million takeover approach from private equity firm, TPG.

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