Shares in troubled Australian swimwear firm Billabong plunged 58 percent to a record low Tuesday after saying takeover talks with two potential bidders had collapsed and discussions about re-financing and asset sales were underway. Billabong International has been targeted by several suitors since 2012, including one led by its former US head Paul Naude with private equity firm Sycamore Partners. Rival clothing giant VF Corporation and private investment firm Altamont Capital Partners had also been interested in the vulnerable company. Billabong shares slumped Tuesday after it said "change of control discussions with the Sycamore consortium and the Altamont/VF consortium have now concluded". "Billabong also announces it is currently in discussions with Altamont Capital Partners and in discussions with Sycamore Partners regarding proposals presented to the company for alternative refinancing and asset sale transactions," it said. Proceeds from any asset sales would be used to repay debt, it added. "It's our intention to conclude these discussions as soon as practically possible while aggressively reducing costs across all our global operations," chairman Ian Pollard said. The company said it was exploring the possible sale of Canadian retail chain West 49. Both the Sycamore and Altamont consortia had at one point made indicative offers of Aus$1.10 per share for Billabong, subject to due diligence. But the share price has fallen steeply since then, buying 45.5 Australian cents on May 6 before they were put in a trading halt. But they sank to a record low of 19 Australian cents Tuesday, Dow Jones Newswires reported, as they began trading again. The takeover announcement included a trading update in which Billabong dropped its guidance for full-year earnings from up to Aus$81 million (US$78.8 million) to between Aus$67 million and Aus$74 million, saying Australasian trade was "below expectations".