Billabong Seeks $674,000 AUS From Brothers Neilsen
josh hunter
- November 26 2008
- 1,185 views
- 16 comments
According to a report from Goldcoast.com.au, Billabong International is taking Brothers Neilsen—the Australian retail chain founded by former pro surfer Paul Neilsen in 1971, which was placed in liquidation back in June by Deloitte Corporate Reorganization Group—to court to recover $674,000 AUS in debt the company claims to have accrued between November last year and May of this year.
According to the article, Billabong subsidiary GSM Operations has filed a claim in the Queensland Supreme Court seeking damages from Paul Neilsen, Ahmed El Safty, and John Hassan.
GSM, in its statement of claim, alleges that the three individuals signed a guarantee to be personally liable for money owed to GSM by Brothers Neilsen in February 2007.
“To date, despite demand, the defendant has failed, refused or neglected to compound the debt to the satisfaction (of GSM),” the statement said.
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November 26th, 2008 at 5:54 pm
i wonder how much money billabong made from brothers neilson over all these years
November 27th, 2008 at 2:27 am
exactly, what a holes, typical! and very dissapointing, brothers neilson was a queensland icon.. i actually bought my first ever billabong tee shirt from there 15 years ago!
November 27th, 2008 at 2:25 pm
Are you guys seriously suggesting that Billabong should just walk away from nearly 3/4 of a million dollars? What would the shareholders say? What about the banks with whom Billabong have loans? They’re doing what, as a business, they should responsibly be doing.
November 27th, 2008 at 3:22 pm
how much does BN owe the rest of their suppliers as well?
Reef, Quik, Rip Curl?? I’m sure they are all looking to get their coin back, and so they should.
Shame to see such an icon go belly up tho.
Wish it was city beach instead, those guys are bastardising the industry…
November 27th, 2008 at 7:54 pm
not only did their shop chain go bankrupt but now the neilson’s guys have to sell their house or whatever
November 28th, 2008 at 7:49 am
If Quiksilver would have had half the business wisdom of Paul Naude and Derek Oneill they wouldn’t be where they are. Surf “business” is still business, and when your responsible for shareholders family’s returns and employees family’s futures it has to be “business”
We need to be proud of Billabong.
It’s Hollister you should question.
Go surfing!
December 1st, 2008 at 7:00 pm
Stupid is as stupid does! How did they let it get that far.
December 2nd, 2008 at 9:53 am
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December 23rd, 2008 at 1:52 am
try working for them!! they deserve everything they get. Billabong is a great company with good work ethics and respect of staff.They are a public company and need to provide good business results for the share holders.
Also BB tried to help BN a number of times and was rejected!!!
So i call it KARMA. i just sorry for the loyal staff that remained.