The winds have suddenly shifted for several of surfing’s most iconic brands.

Liberated Brands, the company that once held the license to a number of surfing brands, including Quiksilver, Billabong, and Volcom, filed for bankruptcy this week.

The company had licensed a large portion of the portfolio of Authentic Brands Group, which bought Billabong, Quiksilver, RVCA, Roxy, and others from Boardriders in September 2023. Before that, the company had already licensed the Volcom and Spyder brands, also owned by Authentic.

However, in December 2024, Authentic pulled those licenses, citing Liberated’s inability to fulfill commitments. In January, Liberated closed its Costa Mesa corporate offices and laid off nearly 400 employees.

Liberated will now begin liquidation sales at its United States retail locations, which will then be closed. As many as 120 stores spread across the handful of brands will likely close their doors, according to court documents filed in the U.S. Bankruptcy Court in Delaware.

In a statement filed with the bankruptcy petition, Liberated Brands CEO Todd Hymel blamed the increased availability of cheaper, low-quality competition from fast fashion brands, as well as inflation and a rocky economy.

“Macroeconomic issues, including a rapid and dramatic rise in interest rates, persistent inflation, supply chain delays, a decline in customer demand well below the historical trendline, shifting consumer preferences, and substantial fixed costs placed significant pressure on Liberated’s revenue and cost structure,” Hymel said in the document.

A Rapid Fall Since Pandemic

Like many outdoor brands, Liberated profited throughout the pandemic. In 2021 and 2022, the company more than doubled its number of retail locations it owned, expanding from 67 stores to 140.

As the pandemic receded, the company began to face the same economic headwinds that have affected the U.S. economy at large, including the outdoor gear and apparel sectors. In a statement obtained by Shop Eat Surf, Liberated said it had “worked tirelessly over the last year to propel these iconic brands forward.”

“But a volatile global economy, consumer spending changes amid a rising cost of living, and inflationary pressures have all taken a heavy toll,” Liberated Brands said in the statement. “Despite this difficult change, we are encouraged that many of our talented associates have found new opportunities with other license holders that will carry these great brands into the future.”

However, the company maintained that the individual brands will not go out of business, as they “have already transitioned to new, well-capitalized partners who are actively investing in their growth and long-term success.”

Liberated’s 100-plus stores in the U.S. will remain open and serving customers as the company begins its efforts to effectuate the closure of its U.S. retail locations. Those looking for apparel from brands like Quiksilver and Billabong can still find them from other retailers, like Dick’s Sporting Goods, PacSun, or Kohl’s.

As for the fast-fashion brands partially blamed for Liberated’s situation — they’re now facing their own problems. Major Chinese brands Temu and Shein will likely experience delivery delays and other difficulties getting products to the U.S. following new rules on Chinese imports instituted by President Donald Trump earlier this week, CBS News reported.