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Liberated Brands, the owner of clothing chains Volcom, Quiksilver and Billabong, announced Thursday that it would close all its locations in the United States and file for bankruptcy in the coming weeks.
Competition from fast-fashion was cited in the company’s bankruptcy filing, along with persistent issues stemming from the COVID-19 pandemic such as supply chain issues and inflation.
“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,” the company said in a statement. “Despite this difficult change, we are encouraged that many of our talented associates have found new opportunities with other license holders that will carry these great brands into the future.”
Quiksilver and Billabong date to 1969 and 1973, respectively, both emerging from Australia’s booming surf culture. Volcom rose to prominence in the early-2000s selling beach-inspired apparel, as well as sporting goods for skateboarding and surfing.
All three experienced surging sales in the early-2000s, and became lasting symbols of Millenial surf and skate culture. During that time, they expanded rapidly through acquisitions, most notably with Quiksilver’s purchase of ski manufacturer Rossignol in 2005.
Tides quickly turned, however, and Quiksilver was forced to resell Rossignol at a 90% markdown just three years later. The end of the decade saw the skater subculture, which had propelled the brands to worldwide success, decline in fashionability. By the 2010s, all three were on the brink of bankruptcy.
Authentic Brands Group, the parent company of Liberated, purchased Volcom in 2019 and Billabong and Quiksilver in 2023.
Liberated’s brands are not expected to disappear. According to company spokespeople, Volcom, Quiksilver and Billabong have been sold to new owners, who will continue to operate them as clothing lines. This new management is, however, unlikely to operate standalone brick and mortar stores.
