Billabong is struggling financially and the effect is rippling throughout surfing. The Australian brand can’t continue to sponsor its Jeffrey Bay surfing comp at the ASP World Championship Tour level and has downgraded its support, leaving the WCT with just 10 events. The brand is flailing, to put it mildly. It recently sold about half of Nixon to raise cash and pay debts, but analysts say it still needs $300 million+ to clean up its balance sheets. Its value has fallen from about $4 billion five years ago to $819 million now — the price offered by private investors who want to turn the brand around. Via Surfing Life and Bloomberg.

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