Surf Industry Giant Billabong Brand Deemed Worthless

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Surf Industry Giant Billabong Brand Deemed Worthless

With Chairman Ian Pollard calling this year the "most challenging period in the company's history," surf apparel giant Billabong released financial statements earlier this week that valued the brand as essentially worthless. A handful of other brands under the Billabong umbrella -- including Element skateboards -- were also written down to a zero valuation, according to the statements. With the bleak news, company stock fell 60 percent from last year, ending the day midweek at a few pennies over fifty cents per share.

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