LOS ANGELES (KTLA) – Several longtime surfwear/skating retailers are planning to close up shop in the United States after their operator, Liberated Brands, filed for bankruptcy on Sunday.
Liberated Brands, based in Costa Mesa, California, was the operator and licensee of Billabong, Quiksilver and Volcom in the U.S. Together, Liberated Brands operates over 100 of the brands’ retail locations throughout the country, primarily in malls.
The company blames their bankruptcy filing on competition from fast-fashion and an “uncertain economy.”
A company called Authentic Brands, which actually owns the Billabong, Quiksilver and Volcom brands, also provided a statement to CNN explaining that the retail shops were “overinflated” and “burdened with outdated and underperforming locations.”
In addition to store closures, Fortune reported that Liberated Brands listed a debt of $226 million and laid off about 1,400 employees as part of its shutdown.
“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 published by Shop Eat Surf Outdoor.
The brands might not be disappearing for good, though. Authentic Brands said to be looking for a new operator to take over in the U.S. and perhaps revive sales online or through other retail avenues.
It’s unclear when the shops will shutter for good. A pop-up message appearing on the websites of Billabong, Quiksilver and Volcom informs customers that returns will be accepted no later than Feb. 16, and that any gift cards or rewards points must be redeemed by that date.