Surfwear retailer Billabong has completed a $276 million sale of almost half of its Nixon accessories brand.

As part of the transaction, announced in February, Billabong and Trilantic Capital Partners (TCP) will each own about 48.5 per cent of Nixon while Nixon management will own the remaining 3.0 per cent.

“Billabong realised net proceeds of approximately $US285 million ($A276.12 million) as a result of this transaction,” the group said in a statement on Tuesday.

Billabong will also shed 400 jobs as part of a restructure aimed at restoring the company’s fortunes.

The sale is expected to result in a significant one-off gain in the group’s income statement in the year ending June 30.

“This will be reduced by the previously announced impairment charge for the group’s South Africa business and any other abnormal one-off charges that arise from the group’s continuing strategic review,” Billabong said.

In February, Billabong reported a 71 per cent slump in first-half net profit to $16.097 million for the six months to December 31, 2011.

The company recently appointed Sally Pitkin to the board and engaged retail consultant Launa Inman.