It was a competitor to Nike and Adidas! The world-famous clothing giant is waving the white flag of bankruptcy.

13.02.2025 10:00

The world-renowned sportswear brands Billabong, Quiksilver, and Volcom, which are part of Liberated Brands LLC, have filed for bankruptcy in the United States. The giant company, which is the biggest competitor of Nike and Adidas, will close 124 of its stores.

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Liberated Brands LLC, the owner of some of the world's most recognized sportswear brands such as Billabong, Quiksilver, and Volcom, has filed for bankruptcy in the U.S. due to financial difficulties.

UNABLE TO KEEP UP WITH CHANGES

This company, considered one of the biggest competitors of Nike and Adidas, will close 124 stores and lay off hundreds of employees as it fails to keep up with significant changes in the industry.

ONCE VERY POPULAR AMONG YOUNG PEOPLE

Billabong, Quiksilver, and Volcom, which were once symbols of surf and skate culture, gained immense popularity, especially among young people. However, in recent years, the rapid changes in the sportswear industry and the better adaptation of giant brands like Nike and Adidas have rapidly decreased the market share of these brands.

STATEMENT FROM THE COMPANY'S CEO

In a statement regarding the matter, the company's CEO Todd Hymel said, "Macroeconomic issues, rapid increases in interest rates, inflation, and delays in the supply chain have put significant pressure on our company's revenues."

In a statement from the company, it was noted that gift cards for Billabong, Quiksilver, and Volcom stores will become invalid as of February 16, 2025. This situation indicates that the process of closing the stores may accelerate. Additionally, it is reported that the company has only $3.3 million in cash reserves, which is only enough to sustain operations for a week. This situation shows that the company is facing serious sustainability issues in the short term.