Australian surfwear company Billabong has written off the value of many of its brands, including the Billabong brand, as it continues to try to refinance its debt.
It reported a net loss of $A859.5 million for the year ending 30 June, compared with a loss of $A275.6 million a year ago.
It has written off the value of many of its brands, including cutting the value of the Billabong brand to zero.
Shares fell by 15% on Tuesday, having lost more than 60% in the past year.
Billabong been in financial trouble after an international expansion loaded the company with debt.
The BBC reports a takeover bid worth $A850 million by TPG Capital Management was rejected early last year, which valued the shares at $A3.50 each. The shares ended the day at 53.5 cents.
The company has closed 158 of the stores and is in the process of replacing its chief executive with an interim boss.
It is also considering rival proposals from two private equity firms to refinance its debt.
