Business behind Billabong, Quiksilver files for bankruptcy
The company making and selling Australian-founded surfwear brands Billabong, Quiksilver and Roxy has filed for bankruptcy.
Liberated Brands will close 120 stores in the US and Canada, which stocks all three labels.
US licensee Authentic Brands said the bankruptcy did not affect the brands’ future, and new partners would be found to make the products.
In Australia there are 18 Billabong stores and 13 Quiksilver stores – which also stock the sister brand Roxy.
Camera IconThe company making and selling Australian-founded surfwear brands Billabong, Quiksilver and Roxy has filed for bankruptcy. Credit: Supplied
Camera IconIn Australia there are 18 Billabong stores and 13 Quiksilver stores – which also stock the sister brand Roxy. Credit: Supplied
Camera IconBillabong and Quiksilver stores in America and Canada will close. Supplied Credit: Supplied
NewsWire has been told by one of the American interested parties that the insolvency focuses on the Liberated US business and should not affect Liberated South Pacific, which will continue to operate business as usual.
The court filings point to a big surge in consumer spending immediately after the pandemic before inflation dramatically curbed disposable income.
“The average consumer has shifted their spending away from discretionary products such as those offered by Liberated,” Liberated Brands chief executive Todd Hymel says in the court filings, the Daily Mail reports.
“Consumers can cheaply, quickly and easily order low-quality clothing garments from fast-fashion powerhouses and have such goods delivered within days.”
NewsWire has sought the Delaware court documents.
Camera IconIconic Australian brands Quiksilver and Billabong are evidently unattractive prospects for North American consumers. Credit: News Corp Australia
In 2023, Authentic announced Liberated would take over operations of the Quiksilver, Billabong, Roxy, RVCA, DC Shoes, Element and VonZipper stores in Australia, New Zealand, Thailand and Indonesia.
Under the deal, Liberated took over operations of the Boardriders brands in Australia. Boardriders has been approached for comment.
Billabong was founded on the Gold Coast in 1973.
Quiksilver’s origins are in Torquay, south of Geelong. Alan Green co-founded Quiksilver in Torquay in 1969. Mr Green died of cancer, aged 77, in January.
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