THE END OF AN ERA! Owner of Quiksilver, Billabong and Volcom declares bankruptcy
Liberated Brands, the company responsible for the brands Quiksilver, Billabong and Volcom, has declared bankruptcy. The company announced the closing of stores and the dismissal of 1,400 employees due to competition with ‘fast fashion’ and the global economic crisis.
THE END OF AN ERA IN THE WORLD OF SURF FASHION!
Liberated Brands, the company behind iconic brands Quiksilver, Billabong and Volcom, has filed for bankruptcy, marking a historic moment in the fashion and sportswear industry.
Impact of the crisis: store closures and mass layoffs
The company, which had been struggling to compete with fast fashion giants, announced a series of drastic measures to deal with its financial crisis:
Closure of 124 physical stores in the United States
Closure of corporate offices
Layoff of nearly 1,400 employees
Reasons for the collapse
In an official statement, Liberated Brands highlighted that the volatility of the global economy, the rising cost of living and inflation have seriously affected the company. In addition, traditional surfwear brands have not been able to keep up with the fast fashion model, which constantly launches collections at lower prices.
"The Liberated team has worked tirelessly over the past year to grow these iconic brands, but the economic challenges and changes in consumer behavior have been insurmountable," the company stated.
What does this mean for the future of surf fashion?
The bankruptcy of Liberated Brands raises questions about the future of the sportswear and lifestyle market. Will we see a rebirth of these brands under new management or is this truly the end of an era?
What do you think? Let us know in the comments!
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