MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
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In more Billabong news, several senior Billabong employees in the Americas were laid off today, including well-known sales executives.
Names on the list include retailer favorites Jeff Booth, Men’s National Sales Manager, Angi Broberg, Billabong Girls National Sales Manager, and Royce Cansler, who handled surf retail relations.
Others with key jobs included Berta Dos Santos, Chris Cole, Shelly Ryan and Mike Figueroa.
Billabong announced earlier today that a total sale of the company is off the table, and that it is exploring refinancing and asset sale proposals submitted by Sycamore Partners and Altamont Capital Partners.
A person with knowledge of the circumstances told me that Paul Naude is still involved in the Sycamore bid.
While the announcement today means that a change in ownership of the company will not happen, I am told management changes at the top are still possible if some of the deals under consideration are approved by the board.
Separately, I confirmed with Billabong in Australia this week that Paul’s leave of absence from the company is in effect, and that he is still officially a company employee.
In its announcement today, Billabong said cost cutting will continue across the globe as the company looks to restructure its business. The cuts come as Billabong prepares to wrap up its financial year at the end of June.
The company's stock plunged more than 40% and was trading at 26 cents in Australia Tuesday.