Billabong Shutters Jeffreys Bay Event

Company in financial distress

Australian clothing company Billabong has withdrawn its sponsorship of South Africa's Jeffrey's Bay surf competition, the Association of Surfing Professionals announced on Friday, removing one of surfing's grand events from the 2012 ASP World Tour. Billabong is facing continued financial troubles amidst a sluggish global retail market and high debt. The 2012 ASP World Tour will now feature 10, not 11, events.

Read more at Reuters

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