Quiksilver is – or was – one of the “Big Four”, which included Rip Curl, O’Neill, and Billabong.
Advertisement
But after what turned out to be its golden decade within the 1990s, Quiksilver has confronted rising competitors, notably within the U.S. The chain, which was founded in 1969, sells wet-suits and helmets, as well as clothing aimed at “mountain and ocean lovers” in its own stores and specialty surf and skateboarding shops. The firm, which emphasizes a value-oriented and risk controlled approach to investments, has a proven track record of success assisting companies through the restructuring process and in the action sports industry.
Quiiksilver’s previously reported second-quarter revenue dipped to $333 million, it chalked up a loss of $88.9 million on 2014 sales of $1.57 billion, and it pulled guidance for the rest of fiscal 2015.
Aussie surfer Steph Gilmore holds a Roxy board.
Iconic surfwear company Quiksilver filed for bankruptcy for its US operations after struggling for years in a changing retail landscape. The company plans to continue with a store-closing effort after filing for bankruptcy, the news report said.
“After careful consideration, we have taken this hard but necessary step to secure a bright future for Quiksilver”, Pierre Agnes, Quiksilver’s chief executive, told the Wall Street Journal.
The company’s European and Asian operations aren’t affected by the bankruptcy, it said in the statement.
As part of a prearranged Chapter 11 restructuring, Oaktree would provide $175 million in debtor-in-possession financing and assume control of the reorganized company, said a person familiar with Quiksilver’s thinking, who asked not to be identified because the proceedings aren’t yet public. It is scheduled to report third-quarter financial results later Wednesday.
Advertisement
Jeff Hakman of Hawaii rides a 15-foot wave during the annual Duke Kahanamoku Surfing Classic at Waimea Bay on Oahu’s North Shore, December 4, 1973. Whether this is due to their foray into snowsports and casual wear, or perhaps their True WetSuits, which were made to look like tuxedos. And if Quiksilver needs anything from the public right now, it is to be seen as cool.
