Quicksilver, Billabong and Volcom stores closing after bankruptcy filing
Three major surf retail stores, Quicksilver, Billabong and Volcom are closing nationwide as the parent company, Liberated Brands filed for bankruptcy earlier this week.
A rise in interest rates, persistent inflation, supply chain delays, a decline in consumer demand, a shift in consumer preferences, and substantial fixed costs were all listed as challenges the company has faced.
As part of court filing documents, Liberated CEO Todd Hymel submitted a 29-page statement detailing "a series of major headwinds and challenges."
The company listed debt of $226 million, with approximately 1,400 employees laid off.
"The Company has been further challenged by trends impacting the retail environment more broadly, including shifting consumer preferences for "fast fashion" and e-commerce as opposed to branded apparel and brick-and-mortar retail," Hymel wrote.
He went on to say that while profits rose during the COVID-19 pandemic as customer demand for outdoor apparel and online shopping spiked, shopping in-person at the stores never fully bounced back.
The brands, rooted in the surf, snow, and skate culture, will continue to produce clothing despite the more than 120 storefront closures.
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