The USILVER, BILLABONG and VOLCOM US stores to close

Liberated Brands requested the bankruptcy protection of Chapter 11 during the weekend and is looking to close their US retailers.

The company said in a Monday press release that was declared in bankruptcy to “implement an orderly monetization and disposition of its businesses.” He presented a motion to the United States Banking Court for the District of Delaware to close approximately 124 stores as part of its bankruptcy procedures.

Liberated estimated a range of $ 100 million to $ 500 million for its assets in their bankruptcy request from Chapter 11. The estimated liabilities were the same.

A Billabong store in the Soho neighborhood of New York City. (Michael Brochstein/Soup images/Lightrocket through Getty Images/Getty Images)

The company said that its US stores will remain open “as the company begins its efforts to close its retail locations in the United States”, but will finally close once its liquidation sales process is completed. Liberated also has nine locations in Hawaii, whose states are currently being negotiated, “according to the statement.

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CEO Todd Hymel said in a judicial presentation that “macroeconomic issues, including a rapid and dramatic increase in interest rates, persistent inflation, delays in the supply chain, a decrease in customer demand well below The line of historical tendency, changing consumer preferences and substantial fixed costs. ” He had weighed a lot in the company’s finances.

Liberated celebrated the licenses for Quiksilver, Billabong, Roxy, RVCA and some other authentic brands owned by the brands Marks since the end of 2023, which joins the one he already had for Volcom, Hymel said in a presentation. The licenses for released to operate Volcom, RVCA and Billabong in North America were canceled in December last year “as a result of Liberated’s breach under the associated licenses,” according to the Liberated CEO.

Liberated celebrated the licenses for Quiksilver, Billabong, Roxy, RVCA and some other authentic brands owned by brands since the late 2023. (Dan Hidbrchts / Bloomberg through Getty Images / Getty Images)

Judicial presentations indicated that these licenses have been transferred to new operators, which means that consumers can still obtain those clothing brands.

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“On the rare occasion that a partner cannot fulfill his commitments, Authentic will make the license transition,” said David Brooks, executive vice president of Authentic Brands, in a statement to Fox Business. “For that purpose, we have been working closely with the brands released to make a careful transition with key licenses to trusted operators within our network.”

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Brooks said that the fleet of American Liberated stores “was excessively inflated, loaded with outdated and low performance locations” and that “it would probably be rationalized, allowing brands to create more value and strengthen their presence in special retailers, stores of apartment and electronic commerce, more.

Liberated said that the liquidation sales process for its US stores has already begun.