Liberated Brands, the operator of Quiksilver, Billabong, and Volcom stores, has filed for Chapter 11 bankruptcy protection in the U.S., leading to the closure of over 100 stores that sell apparel for skaters, surfers, and snowboarders. The company cited the volatile global economy, rising cost of living, inflation, and shifting consumer preferences as factors contributing to the decision. CEO Todd Hymel mentioned a rapid rise in interest rates, supply chain delays, declining customer demand, and the impact of the Covid-19 pandemic on business as additional challenges. Despite a boom in business during the pandemic, an increase in online shopping and consumer preference for fast fashion led to decreased profits for the brands. However, parent company Authentic Brands Group has stated that the brands will transition to another operator, ensuring that fans of Quiksilver, Billabong, and Volcom will still have access to their products in the future. Many employees have already found new opportunities with other license holders, allowing the brands to continue on a new path. The closure of the stores does bring an end to an era for these iconic brands, but the transition to a new operator offers hope for their future in a changing retail landscape.
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