Quiksilver File For Chapter 11 Bankruptcy
Published on September 14th, 2015 | by David Harrison0
This year Quiksilver lost 79% of its market value… Leading one of the biggest brands in skiing and surfing with no option but to file for chapter 11 bankruptcy.
Quiksilver said the global investment lender, Oaktree Capital Management will provide the company with the $175m (£113.73m) it needs to restructure “and fund its ongoing operations in the US and abroad”.
The deal is still subject to court approval.
Quiksilver has reassured investors that its European and Asia Pacific businesses are still operating as usual.
Founded in Australia at the height of surf culture Quiksilver was epitomised by the Beach Boys’ hit Surfin USA – in the 1960s as a board shorts brand. The company expanded across the globe and has sponsored the sport’s biggest names.
After years of contributing heavily to the sponsorship of surf and snow sports, many are hoping for Quiksilver’s survival and continued contribution to the extreme sports market.