‘Brutal’ staff wipeout at Billabong, Quiksilver, 70 lose jobs

The Gold Coast-based Asia Pacific headquarters of global surfing company Boardriders - makers of Billabong and Quiksilver - has suffered a pre-Christmas blow with 70 people losing their jobs.

The pre-Christmas axe has fallen at the Gold Coast-based Asia Pacific headquarters of global surfing company Boardriders - makers of Billabong and Quiksilver - with 70 people losing their jobs.

The staff, mostly based at Boardriders’ Burleigh Heads office, were “eliminated” last week in a purge described by one insider as “brutal”.

They were made redundant as part of a cost-cutting and efficiency drive by the company’s owners, US private equity firm Oaktree Capital Management.

The job losses represent more than a quarter of Boardriders’ Asia Pacific staff, according to sources.

Billabong Headquarters at Burleigh Heads. Picture: Richard Gosling

“Boardriders has announced a reorganisation of its global operations to enable the company to respond nimbly to the market and its customers in the face of an uncertain and changing economic landscape,” Boardriders said in a statement published by action sports industry website Shop-Eat-Surf.

“As a result of the reorganisation, the company has announced that it has eliminated 110 positions in the Americas and 60 in Asia Pacific. The reorganisation will reduce complexity across the value chain and more fully leverage the global platform the company has built.”

Boardriders CEO Arne Arens said: “I am confident that these changes will set us on the path to achieving our goals and creating a more agile company suited to adapt to the evolving environment.”

Billabong was founded on the Gold Coast in 1973 by surfboard maker Gordon Merchant.

“Losing talented employees is always difficult and I want to recognise the departing staff for their contribution to Boardriders,” he added.

“Moving forward, we are fully focused on setting Boardriders up for success.”

A Boardriders insider said the job losses were across a range of departments.

“It was brutal, especially just before Christmas” they said.

“No-one knew who was going to lose their jobs or keep them.”

Oaktree acquired Quiksilver, Roxy and DC shoes in 2016 and Billabong and associated brands including RCVA in 2018.

It’s been widely speculated that Oaktree might be clearing the decks to sell Boardriders as a whole or individual labels.

Billabong was founded on the Gold Coast in 1973 by surfboard maker Gordon Merchant and wife Rena who started making boardshorts on the kitchen table of their Burleigh Heads home and selling them at markets.

The company grew into a publicly-listed billion dollar behemoth before hitting financial woes and going private.