A trio of surf-and-skate-inspired brands will shutter their stores nationwide after their operator, which runs about 120 stores, went bust. Quiksilver, Billabong, and Volcom are among the brands operated by Liberated Brands, which filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware earlier this week. CEO Todd Hymel blamed fast fashion, saying: “Consumers can cheaply, quickly, and easily order low-quality clothing garments from fast fashion powerhouses and have such goods delivered within days.” According to a court filing, he added: “The average consumer has shifted their spending away from discretionary products such as those offered by Liberated.” The brands’ parent company, Authentic Brands Groups, will continue to make clothes by transitioning licenses to another operator. Investment firm Gordon Brothers is handling the shutdown of physical stores. Durien Sanchez, managing director of retail at the firm, said the news will create a huge closing down sale. “The merchandise across all stores is expected to sell out with these discounts, so we encourage customers to take advantage of these sales sooner rather than later,” he said.
