Home / Knowledge / News / Apparel/Garments / Quicksilver files for bankruptcy in US
Quicksilver files for bankruptcy in US
11
Sep '15
Surfwear company Quiksilver has filed for Chapter 11 bankruptcy protection for its US division, according to media reports. It plans to continue with an ongoing store-closing plan in the Americas.

The company based in Huntington Beach, California,said that its European and Asia-Pacific businesses are going strong and are not part of the bankruptcy filing.

"After careful consideration, we have taken this difficult but necessary step to secure a bright future for Quiksilver," said CEO Pierre Agnes in a statement.

Quiksilver Inc. listed assets of more than $100 million and liabilities of more than $500 million in the filing.

Chapter 11 bankruptcy allows a company to continue operating while it executes a reorganization plan. Quicksilver asked the court to allow Oaktree Management to provide more than $175 million in financing for the company as part of the "debtor-in-possession" plan.

The brand, founded in 1969 in Australia, rode America's fascination with the surfer lifestyle to become a retail powerhouse. After a golden decade in the 1990s, Quiksilver has faced rising competition, particularly in the US and strategic blunders took their toll on the company. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: H&M

Apparel/Garments | On 30th Mar 2017

H&M group's sales increase 7% in 3 months to Feb '17

The H&M group's sales including VAT amounted to SEK 54,369 million...

Textiles | On 30th Mar 2017

Vietnam’s textile & garment exports earn $4bn in Jan-Feb

Vietnam earned $4 billion from textile and garment exports in the...

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search