Latest news with #Billabong
Hindustan Times
27-05-2025
- Business
- Hindustan Times
Liberated Brands, owner of Quicksilver, Billabong, and Volcom, shuts stores and files for bankruptcy
Liberated Brands, a licensee of the global leader in apparel Authentic Brands, filed for Chapter 11 bankruptcy in February 2025. It held licenses to several brands under the Authentic Brands group such as Quiksilver, Billabong, Roxy, RVCA, Honolua, and Boardriders in North America along with wholesale licenses for Billabong and RCVA. In December last year, Authentic terminated Liberated's license rights for Volcom, RCVA, and Billabong following the company's failure to pay royalties. The company filed for bankruptcy soon after stating that the decision meant to 'implement an orderly monetization and disposition of its businesses. The company has been in the process of 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'. The licenses to the brands in question were soon transitioned to "new, well-capitalized partners who are actively investing in their growth and long-term success'. Liberated previously underwent a spike in revenue from $350 million in 2021 to $422 million in 2022 according to CEO Todd Hymel. He credited the sharp increase on demand during COVID-19 along with the acquisition of more brand licenses during that period as reasons for this growth. However, as interest rates began to rise following the end of the pandemic, demand for the company's products slipped drastically. There were hopes that Liberated would be able to regain its footing in the last 18 months but this was hampered by consumer interest shifting towards fast fashion instead. 'The average consumer has shifted their spending away from discretionary products such as those offered by Liberated,' Hymel said, as reported by Bloomberg. The traditional seasonal retail model found it difficult to keep up with the micro trend-oriented model followed by these new houses which produced larger quantities at lower prices. 'Consumers can cheaply, quickly, and easily order low-quality clothing garments from fast fashion powerhouses and have such goods delivered within days,' Hymel added. Rise in interest rates, inflation, supply chain delays, and decline in customer demand were some of the macroeconomic issues faced by the company which were referred to as 'significant liquidity challenges in 2024' by Hymel. On the occasion of a partner being unable to oblige their commitments, Authentic's executive vice president of action and outdoor sports and lifestyle, David Brooks feels that the company can then transition the agreement to others in the 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,' he added. While filing for bankruptcy, Liberated expected to keep its stores open to sell off the last of its stock. "Through the filing of customary motions with the Court, Liberated intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits. The Chapter 11 process will be financed by JP Morgan," the company shared. The company's liquidation sale process suffered a problem however when its expected proceed did not match its going-out-of-business sales. The $65 million earned from the sale of assets did not cover the amount to its creditor- JP Morgan. This development led a judge to dismiss the bankruptcy filing. Matthew Fagen, the Kirkland & Ellis LLP restructuring partner representing Liberated at the court hearing said, 'What that means, your honor, is that based on the amount of value collected and the amount of value that we expect to be collected, there will not be enough proceeds, unfortunately, to pay the DIP (Debtor-in-Possession) claim in full or to pay the adequate protection claim for the ABL lenders in full.' The company still needs to collect $27 million from the $65 million it has generated. A shortfall of $22.1 million in DIP claims and $5 million of ABL adequate protection claims is expected. An objection from one of the company's creditors led the judge to grant dismissal. All remaining funds will go to JP Morgan while none of the remaining creditors will be paid.
The Herald
13-05-2025
- Sport
- The Herald
J-Bay delivers dream week at SA Longboard Championships
A spectacular week of surfing, sunshine and South African spirit came to a close on Saturday as the Billabong SA Longboard Championships wrapped up in style at Lower Point, Jeffreys Bay, on Sunday. Durban North's Christy Gilmour and Jeffrey Bay's Steven Sawyer took top place in the Open Ladies and Open Men's divisions in the final showdown. The event saw five days of world-class longboarding, competitors across 17 divisions — from Under-14 to Over-75 — were treated to flawless J-Bay walls and daily dolphin sightings. Friday's junior heats stole the show, showcasing the future of SA longboarding. Emma Schermbrucker wowed the crowd with a perfect 10-point ride and an 18.33 heat total in round one of the Under-14 girls, then followed up with a 9.67 in the semis. Her brother, Ethan Schermbrucker, posted a strong 8.00 in round one and an 8.83 in the semifinals of the Under-14 boys. Tallulah Golding stood out in the Under-16 Girls with an 8.23, while Matt Vosloo dominated the Under-16 boys division with 8.50 and 8.67 rides in round one. Rory Dace, known from the shortboard scene, made an impressive transition to longboarding with an 8.00 in the Under-18 boys quarters and an 8.83 in the semis. Callum Loftus scored a commanding 17.53 heat total in the Under-16 boys semis, and Eddy Harker contributed an 8.00 ride in the Under-14 boys semifinals. In a nail-biting final that came down to the last few seconds, Gilmour, Tarryn King, Crystal Hulett and Cara Stubbs exchanged waves in a tense finish. With all three front-runners catching rides in the final 30 seconds, it was Gilmour who sealed the deal with a clutch buzzer-beater, earning her the title with a combination of graceful nose rides and critical rail surfing. The final placings were: 1 Gilmour (Durban North), 2 Hulett (St Francis Bay), 3 King (Kommetjie) and 4 Stubbs (Muizenberg). The open men's final was a high-octane battle between Sawyer and Sam Christianson, both going wave-for-wave in a tight heat. Sawyer's composure and signature style earned him the edge with a heat total of 18.97, narrowly topping Christianson's 18.30. Sawyer (Jeffreys Bay) finished first, Christenson (Durban North) was second, Shane Fourie (Eden) third and Thomas King (Kommetjie) fourth. Mohamed Dewan, general manager of Boardriders SA, which includes the Billabong brand, congratulated the competitors. 'We have witnessed some world-class surfing and the camaraderie that makes this such an exceptional sport. As title sponsors, Billabong would like to extend our congratulations to all the contestants for their skill and style, as well as to the event organisers for putting on such a successful competition. 'This event reflects who we are — deeply rooted in surf culture, passionate about our coastlines and proud of our athletes. 'SA has some of the best longboarders in the world, and it's our honour to support their journey. 'The championship not only showcased exceptional athleticism but also reaffirmed Boardriders' commitment to nurturing and uplifting SA's unique surf community, where heritage and performance meet lifestyle and identity.' Surfing SA vice-president and contest director Anne Wright said: 'The 2025 Billabong SA Longboard Championships was one of the most exciting contests I've been involved with. 'We had great weather and great waves solidly, for five days. 'Everyone surfed so well, and to watch young surfers like Emma Schermbrucker, who's going to have a great future, was so wonderful for us. 'This contest goes from Under-14 to super vets, and the longboard community is so amazing. 'A big thanks to Billabong, without whom this wouldn't have been possible. And I'm so thankful to the locals for giving up their break for the past five days — Lower Point has been firing. 'We look forward to getting back here next year and look forward to next year.' The event was sanctioned by Surfing SA, supported by Kouga Municipality, and powered by supporting partners True Technologies, Pili Pili, Vissla and Aquella. — Billabong SA Longboarding Champs
Yahoo
12-02-2025
- Business
- Yahoo
Joann to close 500 of its 800 fabric and craft stores
Joann, the fabrics and crafts retailer, is shutting down hundreds of its stores nationwide as part of its bankruptcy proceedings. The company filed a motion in court on Wednesday seeking approval to begin closing approximately 500 locations. In a statement to ABC News, the company's spokesperson said the move is "part of the ongoing Chapter 11 process and our efforts to maximize the value of the business." Quiksilver, Billabong and Volcom stores are closing in the US in 2025 "This was a very difficult decision to make, given the major impact we know it will have on our Team Members, our customers and all of the communities we serve," the spokesperson said. "A careful analysis of store performance and future strategic fit for the Company determined which stores should remain operating as usual at this time." The spokesperson also emphasized that "right-sizing our store footprint is a critical part of our efforts to ensure the best path forward for JOANN." The closures follow Joann's announcement last month that it had filed for voluntary Chapter 11 bankruptcy in U.S. Bankruptcy Court for the District of Delaware to begin a sale process and maximize the company's value. Despite the bankruptcy proceedings, the company said at the time that Joann stores and its website remained open, serving customers as usual, and employees were still receiving their pay and benefits. Joann is part of a growing trend of retailers closing stores as consumers reduce spending. With other brands like Kohl's and Macy's also scaling back, more than 15,000 store closures across all businesses are expected in 2025, double the number from last year, according to Coresight Research. Earlier this month, surf and skate brands Quiksilver, Billabong, and Volcom also announced store closures in the U.S. Liberated Brands, the former license operator of these stores, filed for Chapter 11 bankruptcy, which will result in over 100 locations shutting down, according to a filing. Joann to close 500 of its 800 fabric and craft stores originally appeared on
Yahoo
09-02-2025
- Business
- Yahoo
As Corporate Surf Shops Shutter, Independent Shops Offer a Path Forward
Malibu's had a rough go lately, and the Chapter 11 bankruptcy of Liberated Brands isn't helping. Caught in the downward spiral of the licensing debacle that's put the fate of legacy brands such as Billabong, Quiksilver, Roxy and Volcom in question are more than a hundred corporate-owned surf shops. Among them is Becker Surfboards in Malibu. Becker Surfboards has been an institution in the area for decades. From board rentals, to the latest and greatest gear, to wax and ding repair kits, it's long been your classic, California surf shop. First opened in 1980, a then 40 year-old Phil Becker, as well as Steve Mangiagli and Dave Hollander, took ownership of the Rick Surfboards factory and turned it into Becker Surfboards. In 2013, Billabong acquired Becker as part of their efforts to expand their brick-and-mortar holdings. Phil Becker sadly passed away in 2023 at the age of 81. Once in the Billabong portfolio, Becker Surfboards was eventually folded into the Boardriders conglomeration, which also included Von Zipper, Honolua, Quiksilver, Roxy and RVCA. Boardriders was then acquired by Authentic Brands Group in 2023, who subsequently licensed the companies to Liberated Brands. It's more complicated than that, but for the sake of this conversation that's what you need to know. And now, as Liberated filed bankruptcy earlier this month, Becker, along with a laundry list of other shops, is being forced to close its doors. But, to use an all too apropos metaphor, from the ashes springs new growth. Becker store manager Mitch Taylor already has plans to open a new, independent shop of his own. 'As I grew up in the '70s and '80s, surfers wanted nothing to do with the corporate world. The trend is to return back to independent surf shops, and so I am reopening my own shop which will be in a smaller space," Taylor told the Malibu Times this week. 'This is the only job I have really liked. I woke up every day for 31 years, and I was excited to talk to people in our community," he added. And therein lies the potential for other shop managers and employees left stranded by the shifting tides of corporate surfing. There's strength and security in being a small, independent business. The sport and lifestyle of surfing certainly isn't suffering from a participation issue. More folks than ever have taken to the water. The customers are there, the doors just have to be opened. Of course, building a new business is never that easy, but for well over half a century surf shops have been a cornerstone in surf culture and business. They are our temples of stoke, and thanks to guys like Taylor, hopefully the tradition continues well into the 21st Century.
CBS News
07-02-2025
- Business
- CBS News
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.
