Billabong hits turbulent waters
Australian Surfing company Billabong's financial fortunes have been deteriorating for months, with profits this year forecast to fall by about a half compared with 2011.
Massive debts have also hit the firm's share price, which has fallen by two-thirds in recent months.
As a result, analysts say the company, 40 years old next year, is vulnerable to a takeover bid.
The BBC's Duncan Kennedy reports from Sydney.