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California Surfing Brand Quiksilver Files Chapter 11

By Glenn S. Demby, Esq.

California surfing and skateboard clothing chain Quiksilver Inc. became the latest retailer to file for bankruptcy. The company began licensing the Quiksilver brand in 1976 for wetsuits, helmets and other clothing for “mountain and ocean lovers” and rode the surfing and skating fashion wave of the late 1990s and early 2000s to expansion along with brands like Billabong and Rip Curl.

But tastes changed. And so did the apparel industry. Quiksilver couldn’t keep up with fast-fashion retailers like H&M and Century 21. An attempted turnaround in 2013 failed and last year the company lost $309 million. Facing $826 million in debt and assets of only $337 million, the company filed for Chapter 11. This week, the company submitted a plan to borrow $175 million. If the bankruptcy court approves it, the plan will enable Quiksilver to keep its 700 stores in operation.

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