Streetwear and skateboard retailer Globe International has reduced the value of its trademark to zero.
The company said weaker economic conditions and saturation of similar sporting brands contributed to the writedown, which delivered a $12.8 million hit to its bottom line.
“The performance of the Globe brand has been affected and the market for buying and selling brands in the industry has declined,” the company said.
Globe made a $12.3 million loss in the year to June as a result, but achieved a 24 per cent rise in sales, with particularly strong growth in Australia and Europe.
Chief executive Matt Hill said he was cautious about the year ahead due to the current retail environment, but the business was achieving good growth.
“We are confident about where we are headed, despite a continued level of uncertainty around the broader market conditions,” he said.