Just prior to the holiday season, the Asia-Pacific headquarters of Boardriders, the company that owns the surfwear brands Billabong and Quicksilver, located on the Gold Coast in the state of Queensland in Australia, let go of seventy employees.
In the midst of a widespread economic downturn, the company, which is currently managed by the private equity firm Oaktree Capital Management of the United States, downsized its workforce in order to achieve cost savings.
More than a quarter of the employees who worked in the Asia-Pacific region for Boardriders have been laid off. The majority of employees who were laid off from their positions were employed at the Burleigh Heads location of the corporation.
Boardriders Cuts Jobs in Asia-Pacific region
In Australia, the parent company of Billabong and Quiksilver, Boardriders, recently terminated the employment of seventy individuals just before the holiday season. Because of the layoffs, more than a quarter of Boardriders’ employees who worked in the Asia-Pacific region were terminated from their positions.
“Boardriders has announced a reorganisation of its global operations to help the company respond quickly to the market and its clients in the face of an unpredictable and changing economic landscape,” reads a statement that can be found on Shop-Eat-Surf, a website that caters to the action sports industry. “Boardriders has announced a reorganisation of its global operations.”
“The corporation has stated that as a result of the reorganisation, 110 jobs have been cut in the Americas and 60 jobs have been cut in the Asia-Pacific region. Everyone’s lives will become simpler as a result of the reorganisation, and the company will be able to make greater use of its infrastructure in different parts of the world.”
The Chief Executive Officer of Boardriders, Arne Arens, was quoted as saying, “I am certain that these adjustments will put us on the road to accomplishing our goals and make us a more flexible organisation that can adapt to changing environments.”
Gold Coast Surf Brand Billabong Founded in 1973
According to what he had to say, “it is always difficult to lose good individuals,” and “I want to thank the crew that is leaving for the work they did for Boardriders.” From now on, we will make every effort to ensure that Boardriders maintains its current level of success. Billabong was founded as a company on the Gold Coast in 1973.In 2018, Boardriders decided to purchase the company since it was having difficulty turning a profit.
In 1973, Gordon Merchant, who was originally from the Gold Coast and constructed surfboards, and his wife Rena began creating boardshorts in the kitchen of their home in Burleigh Heads. This is the origin story of the surf brand Billabong.
After expanding its operations around the world, the company was forced to sell in 2018 due to mounting financial difficulties. It was purchased by Boardriders, which is the parent company of companies such as Quiksilver, Roxy, and DC Shoes. Boardriders also owned the firm before the purchase.
