Liberated Brands, the company behind the iconic 1990s surf, ski and skateboard apparel labels Billabong, Quiksilver and Volcom, plans to shut down 120 stores in the United States and Canada after filing for bankruptcy, the Daily Mail reports.
The stores will offer up to 60% off sales as part of the going-out-of-business sales. Liberated Brands executives said its business was affected by consumers switching from labels to cheaper, fast fashion options such as Shiein and Temu.
Billabong and Quiksilver were both founded in Australia in 1973 and 1969, respectively, and peaked in the 1980s and 1990s, however, have struggled since merging together in 2018. Volcom, which was founded in California in 1991, was also popular at the time of its launch as a surf, skate, and snow apparel line with a rebellious “Youth Against Establishment” ehtos.
The three brands, along with Roxy, RVCA and Spyder, were all purchased by Authentic Brands Group and Liberated Brands produced certain clothes and operated stores under a licensing deal. The company ran into issues before Christmas when it was reported that license fees weren’t paid before Liberated submitted a Chapter 11 filing in Delaware on Sunday (February 2).
David Brooks, of Authentic Brands Group, said the company began moving key licenses to new companies in December following Liberated’s failure to pay bills and confirmed that the stores shut down couldn’t be saved because they were “outdated and underperforming locations,” the Daily Mail reports.
Recent Comments