All Quiksilver, Billabong, and Volcom stores in the United States will be closed after the operator files for bankruptcy protection.
There are over 100 stores totally for brands selling apparel for skaters, surfers and snowboarders, and they close the doors.
The released brand filed a voluntary petition in Delaware’s U.S. Bankruptcy Court for Chapter 11 bankruptcy protection on Sunday.
“The liberated team has worked tirelessly to advance these iconic brands last year, but the volatile global economy, consumer spending has changed amid rising costs of living and inflation All pressure is at a great cost,” according to financial operators around the world. “Despite this challenging change, many of our talented peers are encouraged to have found new opportunities with other licensees to bring these amazing brands into the future.”
Todd Heimel, CEO of Costa Mesa, California-based Costa Mesa, declared that in his bankruptcy filing support, “rapidly and dramatically rising interest rates,” inflation, delays in supply chains, declining customer demand, and changes to consumption The preferences of the operators cast “high pressure” on the operators.
He said the brand had experienced a business boom during the Covid-19 pandemic. Meanwhile, Liberated has expanded its retail footprint from 67 to 140 stores, writes Hymel. However, as the pandemic ended and interest rates and inflation rose, customer demand weakened.
The pandemic also led the retail footprint of Led Leck and Mortar to bring about an increase in demand for online shopping and imposing “a further drug on profitability.” Hymel also said that consumer demand for “fast fashion” has contributed to a decline in profits.
However, fans of the label need not be afraid as parent company Authentic Brands Group said it would move to another operator.
