Australian board sports clothing company Billabong International Ltd. insisted Thursday, March 21, that its two competing suitors remained in the frame after its stock fell by more than a fifth.

Requesting that trading in its shares be suspended, the Gold Coast-based company said that both consortia -- Americas head Paul Naude teamed with Sycamore Partners LLC of New York; and Greensboro, Calif.-based clothing maker VF Corp., backed by Altamont Capital Partners of San Francisco -- "remain in the process."

Both bidders have made indicative offers worth A$1.10 per share, or about A$526.8 million ($549.5 million) in total for the equity, and both are nearing the end of due diligence that Billabong said Feb. 22 would finish during March.

The restructuring company has received at least five takeover proposals in little over a year, starting with a A$3.30 per share offer from TPG Capital in February 2012.

Billabong, whose brands include Element, VonZipper, Honolua Surf Co. and Tigerlily, has been closing stores to combat a sales downturn in Australia, Canada and Europe. It issued three profit warnings during 2012 and last month posted a net loss of A$536.6 million for the half-year ended Dec. 31 because of one-time costs. Revenue slipped 8.1% to A$699.6 million.

Billabong CEO Launa Inman, a former managing director of retailer Target Australia Pty. Ltd., is trying to increase Ebitda of A$84 million in fiscal 2012 by 2.5 times over four years.

Billabong shares fell more than a fifth during Thursday trading before they were suspended and last traded down 14% at A$0.695. Trading in the stock could remain suspended until as late as March 25 while the company investigates trading levels. Billabong said it was unaware of why trading volumes had increased.

Goldman, Sachs & Co. and law firm Allens are Billabong's advisers.