board is hesitant to overlook the deal brokered with Altamont and Blackstone. As of 21 September 2013, Billabong's deal with Altamont was no longer valid, and the company was in the process of seeking approval from shareholders to finalise an arrangement with Centerbridge and Oaktree, and their affiliates. If brokered, the deal will mean that the Centerbridge and Oaktree consortium will control most of the company's senior debt, it will own up to 40.8% of Billabong's shares, and will also be entitled to install three representatives on Billabong's board. On 21 September 2013, the Centerbridge and Oaktree consortium appointed new chief executive Neil Fiske; as of this date, Billabong was also continuing the search for a buyer for the Canadian skateboard retail chain West 49. The company's sale of the West 49 retail chain was announced on 4 November 2013, with fashion retailer YM Inc. identified as the buyer. West 49 was sold for about CA$9–11 million, and Billabong has also entered into a two-year nonexclusive wholesale agreement with YM Inc. worth approximately CA$34 million. The ownership of 92 West 49 retail stores, located across Canada, was to be transferred through the deal. In January 2014, Oaktree Capital Management and Centerbridge Partners refinanced Billabong's debt for a 40.8 percent ownership. Billabong International, announced that it was selling, with the help of Guggenheim Securities, its 51 percent stake in SurfStitch and its 100 percent stake in Swell. Return to profitability In 2000, the company was listed with sales of A$225 million that grew to A$1.7 billion in 2011. Profits of A$249 million were achieved in 2007. For the six months to 31 December 2011, Billabong experienced a 71% drop in net profit to A$16.097 million. In early 2013, Billabong revealed earnings collapses across core business markets that "decimated its business". Losses in the December half are A$536.6 million. A late August 2013 media report stated, "the Billabong label itself is now deemed essentially worthless, according to Billabong's accounts" following the declaration of an A$859.5 million loss for fiscal year 2013. Billabong's brands were worth A$90 million at the end of June 2013, and on the morning of 27 August 2013, the company stated that global sales of A$1.34 billion were down by 13.5% in reported terms for 2012–13. The company returned to profitability in 2015—for the 2014 earning reports—with a net profit after tax around A$25.7 million. This was first time