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Quicksilver files for bankruptcy in US

11 Sep '15
1 min read

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

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