Things are a mess down under. Billabong, one of the most recognizable surf brands in the world, has wiped out big time. Over the past few days, the Australian company has seen it’s stock price tumble after posting a huge annual loss that totaled more than 3 times its market value. The company also wrote down to zero the value of its Billabong and Element brands, deeming them essentially worthless.

The company recently removed its CEO Launa Inman, secured refinancing and sold accessories and bag brand Dakine.

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Sources: CNN Money and TransWorld Business

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