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Billabong, Quiksilver and Volcom stores to close in US after operator files for bankruptcy

Billabong, Quiksilver and Volcom stores to close in US after operator files for bankruptcy

USA Today07-02-2025

Three popular surf, skateboarding and swimwear retailers will close their doors in the United States after their Costa Mesa, California-based operator filed for Chapter 11 bankruptcy.
All Billabong, Quiksilver and Volcom stores will close in the U.S. after their operator, Liberated Brands LLC, filed for bankruptcy on Sunday in the U.S. District of Delaware. Liberated Brands has 124 retail locations across the country, which also include the brands: Spyder, RVCA, Roxy and Honolua.
In a declaration supporting the bankruptcy, Todd Hymel, CEO of Liberated Brands, said, "Macroeconomic issues, including a rapid and dramatic rise in interest rates, persistent inflation, supply chain delays, a decline in customer demand well below the historical trendline, shifting consumer preferences, and substantial fixed costs placed significant pressure on Liberated's revenue and cost structure."
'The Liberated team has worked tirelessly over the last year to propel these iconic brands forward, but a volatile global economy, consumer spending changes amid a rising cost of living, and inflationary pressures have all taken a heavy toll,' Liberated Brands said in a statement sent to USA TODAY.
Liberated owes $83 million in secured debt and $143 million in unsecured debt, according to Hymel's declaration. Secured debts involve borrowers who put up assets to serve as collateral for a loan, while unsecured debts accumulate when a borrower does not put up any security or assets often requiring creditors to file lawsuits to be repaid.
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USA TODAY contacted Liberated Brands on Friday but has not received a response.
Stores closing:Bargain Hunt is closing all locations after bankruptcy filing, going-out-of-business sale
When will Billabong, Quiksilver and Volcom close?
A pop-up on Billabong's, Quiksilver's and Volcom's U.S. websites notifies customers of the bankruptcy filing and informs them that they will no longer accept gift cards as a form of payment online or in-store after Feb. 16.
It is unclear if the retail stores plan to close by Feb. 16., but a separate declaration supporting the bankruptcy said Liberated Brands had about $3.3 million of cash on hand on Monday, which would only support its operations for one week.
The seven brands operated by Liberated may not be gone forever as the company announced that it is "transitioning its brand licenses to new license holders as part of a management transition to ensure continuity for the brands and their success moving forward," according to the company's statement.
'Despite this difficult change, we are encouraged that many of our talented associates have found new opportunities with other license holders that will carry these great brands into the future," the statement continued.
Until Libertated Brands enforces the closures of its more than 100 U.S. stores, the locations will "remain open and continue serving customers," according to the statement.
Who owns Billabong, Quiksilver and Volcom?
As a licensee, Liberated operated Billabong, Quiksilver, Volcom and the other four brands, which are owned by Authentic Brands Groups, a global brand development company.
From 2019 to 2025, Liberated maintained the brands' operations across the world for Authentic, including in the U.S. and Canada, Hymel said in his declaration document.
In a statement sent to USA TODAY, Authentic said, "All licenses that were held by Liberated were transitioned to new partners prior to the bankruptcy."
'Our industry is more competitive than ever, and throughout this process, we've remained focused on the wellbeing of our partners, providing support to our licensee, Liberated Brands as they evaluate their opportunity to reorganize their business and regain profitability. At Authentic, our primary responsibility is to our beloved brands and to their loyal fans and customers," the company's statement reads.
"To that end, we've been working closely with Liberated Brands to thoughtfully transition key licenses to trusted operators within our network. Liberated's U.S. store fleet was overinflated, burdened with outdated and underperforming locations. As a result, physical U.S. based stores will likely be rationalized, allowing the brands to create more value and strengthen their presence across specialty retailers, department stores, and e-commerce—ensuring a more agile and resilient future.'
What did Liberated do before filing for bankruptcy?
As Liberated Brands "faced significant liquidity challenges in 2024," the company did try to stabilize the business, Hymel said in his declaration document.
According to Hymel, the company tried to seek potential investments in the business from financial and strategic parties, as well as from its existing equity holders; explore a sale to sell the business; renegotiate leases with various landlords; implement a hiring freeze and strategic reduction in force; and negotiate payment plans with vendors.
Liberated Brands' attempts to recover the business were unsuccessful, and by December 2024, the company's North American license rights for its wholesale operations under the Volcom, RVCA and Billabong brands were terminated, Hymel said.

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