U.S. stores on Quiksilver, Billabong and Volcom will close

The unlocked brand is about to close US retail stores that filed for Chapter 11 bankruptcy protection over the weekend and sold brands such as Quiksilver, Billabong and Volcom.

In a press release Monday, the company filed for bankruptcy and said it would “implement orderly monetization and disposal of its business.” I filed a filing with the US Bankruptcy Court for the Delaware District. Approximately 124 stores As part of the bankruptcy proceedings.

Liberated estimated the assets in the Chapter 11 Bankruptcy Petition range from $100 million to $500 million. The estimated liabilities were the same.

A Billabong store located in New York City’s Soho district. (Michael Brochstein/SOPA Images/Lightrocket bygetty Images/Getty Images)

The company said that US stores will “start efforts to bring an end to US retailers,” but will eventually close the shutters once the liquidation sales process is complete. There are nine locations in Hawaii, where their status is “currently negotiated.”

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CEO Todd Heimel said, “A rapid and dramatic increase in interest rates, sustained inflation, delays in supply chains, declining customer demand, far below the historical trend line, changing consumer preferences, considerable. “The macroeconomic issues, including fixed costs,” he said in the court filing. He was heavily focused on the company’s finances.

Liberated held licenses owned by Quiksilver, Billabong, Roxy, RVCA and other genuine brands Since late 2023, the brand has been added to what it has already had for Volcom, Hymel said in the submission. According to the CEO of Liberated, Noliborted Volcom, RVCA and Billabong’s operating licenses ended in December last year “as a result of the default release under related licenses.”

Liberated has held licenses for Quiksilver, Billabong, Roxy, RVCA and other genuine brand-owned brands since late 2023. (Dan Hidbrchts/Bloomberg via Getty Images)

Court filing These licenses indicate that they have been transferred to a new operator. This means that consumers still have access to those clothing brands.

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“On rare occasions when partners are unable to meet their commitments, Authentic will transfer licenses,” David Brooks, executive vice president of Authingic Brands, said in a statement. Fox Business. “To that end, we are working closely with the brands that have been released to considerately transfer key licenses to trusted operators within our network.”

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Brooks said the liberated US store fleet is “over-inflated and burdened in outdated, low-performing places,” adding that “probably because it’s streamlined, the brand creates more value, He said he could strengthen his presence through specialized retailers, department stores and e-commerce. An agile, resilient future.”

Liberated said the liquidation and sales process for U.S. stores has already begun.