Billabong International is trying to avoid a total wipeout.
The Australian surfwear company, whose shares have fallen around 65 percent since it rejected a $824 million takeover offer from the private equity firm TPG Capital last year, said on Tuesday that it was in talks to sell itself for $300 million.
Billabong said the discussions were with a group led by its former American chief executive, Paul Naude, and the buyout firm Sycamore Partners Management, and would last for 10 days.
The consortium has offered to buy the struggling retailer for 60 Australian cents a share (about 63 American cents), an 18 percent discount on Billabong’s closing share price on April 2 before the stock was suspended.
Billabong has fallen on difficult times because of changing consumer tastes and the financial crisis. It has closed stores and sold assets as part of an effort to restructure the company.
