Three iconic surf, skateboarding, and swimwear retailers—Billabong, Quiksilver, and Volcom—will shutter their U.S. stores following the Chapter 11 bankruptcy filing of their parent company, Liberated Brands LLC. The Costa Mesa, California-based operator announced the decision after filing for bankruptcy in the U.S. District of Delaware on Sunday.
Liberated Brands, which manages 124 retail locations across the country, also operates brands such as Spyder, RVCA, Roxy, and Honolua. While it remains uncertain whether stores will close by February 16, a declaration supporting the bankruptcy revealed that the company had only $3.3 million in cash as of Monday, an amount sufficient to sustain operations for just one week.
Store Closures and Customer Impact
Customers visiting the U.S. websites of Billabong, Quiksilver, and Volcom are now met with a pop-up notification regarding the bankruptcy filing. The notice states that after February 16, gift cards will no longer be accepted for purchases online or in-store.
Financial Struggles and Economic Pressures
In a declaration supporting the bankruptcy filing, Todd Hymel, CEO of Liberated Brands, cited various economic challenges as the driving force behind the company’s struggles.
