The company that has the licenses for the Australian Surfwear brands Billabong, Quiksilver and Roxy has applied for bankruptcy.
The liberated brands based in the US – which run the three labels together with the Californian skating brand Volcom – will close all his 120 American and Canadian stores, after cleaning up shares with a maximum of 60 percent -off sale.
The bosses blamed a shift in the behavior of Shopper when she turned from brands to cheaper, fast fashion of people like Shein and Temu.
In Australia there are 18 Billabong stores and 13 Quiksilver stores -which also have the sister brand Roxy in stock. It is unclear how much will be influenced by the bankruptcy or that the supplies of the brands in other stores such as CityBeach would be limited.
Daily Mail Australia has contacted liberated brands for comment.
Billabong, founded in 1973 on the Gold Coast, was given a loyal supporters with its sustainable beachwear, while Quiksilver, was launched in 1969 in the Victorian surfing hotspot of Torquay, revolutionized the surf scene with Velcro signs and High-Profile SponsorShips.
Both brands peaked in the nineties, but later struggled financially, which led to a merger of 2018.
Volcom, founded in California, founded in 1991, became a staple in the surfing, skate and snow culture with its rebellious' youth against 'Ethos'.
The four brands, together with RVCA and Spyder, were eventually taken over by Authentic Brands Group – but Liberated Brands made certain clothing and RAN shops under a license agreement, including the online stores of the brands.
Problems only occurred before Christmas when license costs were not paid by liberated. Subsequently, brands on Sunday liberated a chapter 11 bankruptcy application in the US state of Delaware.
Quiksilver originated in Torquay, Australia, founded in 1969 by Alan Green and John Law. Known for pioneering modern surf clothing, including boardshorts with a 'yoke waist' and Velcro mounts, the brand exploded in the 1980s and nineties, sponsoring top surfers
Billabong was founded in 1973 on the Gold Coast of Australia by Gordon and Rena Merchant. The brand became popular by making sustainable board shorts and expanded in the nineties and became a staple of beachwear worldwide
The Aussie brands were sold in 2023 in the New York in 2023 in a deal that was held confidentially but was reportedly worth more than a billion dollars.
Authentic said that the bankruptcy has no influence on the future of the brands, and that it will find new partners to make products. But it said that the 120 American stores will still close.
David Brooks, from Authentic, said that the company works with licensees such as Liberated to help them float if they have financial problems.
But he said that in December Authentic the most important licenses such as Billabong and Volcom had been moved to new companies to new companies after Liberated had not paid the bills.
He added that the stores that were the liberation would not be saved because many were 'outdated and under -performing locations'
The downfall of liberated caps a rapid increase and dramatic collapse for the company, which was founded in 2019 when it took over the property of Volcom.
Initially, Liberated-De Turnover rose from $ 350 million in 2021 to $ 422 million in 2022, fed by pandemically driven outdoor activity and the expansion of his brand portfolio.
After Covid it went from running from 67 stores to 140 when it took on the retail and websites for Billabong and Quicksilver.
But as soon as the COVID-19-Opguenderboom faded and the interest rates rose, consumer demand plummeted, CEO Todd Hymel plummeted in judicial files.
“The average consumer has removed their expenses from discretionary products as offered by Liberated,” said Hymel.
“Consumers can order low-quality clothing clothing cheaply, quickly and easily with fast fashion power paters and the like goods delivered within a few days.”
JPMorgan Chase has intervened to provide $ 35 million in bankruptcy financing, so that the company can navigate the legal procedure and the process of liquidating its stores can begin
In November, San Francisco-Developed Esprit, another retailer who was popular in the nineties, including in Australia, presented bankruptcy.
Esprit, which was founded in San Francisco in 1968, rose in popularity in the eighties and nineties, including in Australia
The brand was loved because of its brightly colored clothing and advanced commercials, including one with a teenager Gwyneth Paltrow in 1991
It is in the process to close completely after submitting chapter 7, a more extreme bankruptcy in which all shares are sold and all stores are closed.
Things are closed across the board when the ongoing 'Retail Bloodbath' forcing physical locations to struggle with rising theft, shrinking profit margins and the rise of online shopping.
Women's clothing brands Millers and Noni B and Rivers will close their doors after recipients for parent company Mosaic Brands do not secure buyer.
More than 230 stores in Australia, and of which 11 are in New Zealand, is expected to close by April, leaving around 930 employees without jobs.
Millers and Noni B were the last two brands of the ASX-Genten company after it had announced last month that well-known labels would close Katies and Rivers.
“Despite the best efforts of all parties, we have not been able to reach a sale of one of the brands within the mosaic portfolio,” said partner at receiver KPMG David Hardy Wednesday.
“As a result, all stores in the Mozaic Brands Group will be removed in the coming months.”
The sale will be held at all points of sale and the timing of each store closure depends on the stock levels, where all stores are expected to close mid -April.
Mosaic went in voluntary administration in October, with KPMG Partners and FTI Consulting appointed as respective recipients and managers.
Earlier in September the company stopped five of its characteristic brands and closed stores while it tried to set its finances on a good basis.
These were rockmans, signature, intersections, W.Lane and Bemge.
The group had 763 stores and employed around 3000 people in Australia and New Zealand.
The shares of the company have been suspended at the ASX since 2 September due to a delay in submitting the financial report of 2023/24, which was due in August.
