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The freed brands have filed bankruptcy protection in Chapter 11 during the weekend and want to close their retail stores where he sold brands like Quixilver, Billabong and Volca.
In a press release, the company announced on Monday that it had filed for bankruptcy to “implement neatly re -entry and deploying its business.” Filed a proposal for US Bankruptcy Court for Delaware District for Closing About 124 stores as part of his bankruptcy proceedings.
She was released by a range of $ 100 to $ 500 million for her property in her petition for bankruptcy chapter 11. The estimated obligations were the same.
Billabong store in the New York neighborhood. (Michael Brochstein/Sopa Pictures/Lightctics via Getty Images/Getty Images)
The company said its US stores would remain open “because the company begins its efforts to make its closure of its American retail locations,” but will ultimately close after the completion of the liquidation sales procedure. The liberated also has nine locations in Hawaii, whose statuses are “currently negotiating,” the statement said.
The main crafts for bankruptcy
Todd Hymel Executive Director said in court that “macroeconomic issues were filed, including rapid and dramatic increase in interest rates, permanent inflation, delay in supply chain, falling customers significantly below historical trends, switching to consumer preferences and significant fixed costs” weighed on the company’s finances.
The liberated was held by Quixilver, Billabong, Roxy, RVAC and some other authentic brand -owned brand Brands from the end of 2023, adding to the one he already had for Volca, Hymel said in submitting an application. Licenses for the management of Volca, Rvca and Billabong in North America were abolished in December last year “as a result of unpaid non -payment under associated licenses,” according to Liberaden CEO.
Liberad has held licenses for Quixilver, Billabong, Roxy, RVAC and some other authentic brand owned by the brand since the end of 2023. (Dan Himbrechts / Bloomberg via Getty Images / Getty Images)
Court reports It is indicated that these licenses have been transferred to new operators, which means that consumers will continue to be able to get these clothing brands.
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“In a rare opportunity that the partner is unable to fulfill his obligations, he will authentically convey the license,” said David Brooks, an executive vice president in authentic brands, he said in a statement in a statement Fox job. “For this purpose, we work closely with the liberated brands to the intended transition of key licenses to reliable operators in our network.”
Files of bankruptcy containers insist on staying here
Brooks said that the Fleet from the American store “was” estimated, burdened with outdated and weaker locations “and” will probably be rationalized, allowing brands to create greater value and strengthen their presence among special sellers, department stores and e-trades, and more will dealing with e-a-resistant future. “
Liberad said the procedure for sale of liquidation for its American stores has already begun.
