Jan 05, · The owner of Quiksilver is buying rival brand Billabong, the companies said Friday. The deal values Billabong at roughly $ million Australian dollars ($ million) including debt. On April 21, Genco Shipping & Trading Limited and its subsidiaries (collectively, the Debtors), filed a pre-packaged chapter 11 Plan of Reorganization in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). These Chapter 11 Cases have been assigned to the Honorable Sean H. Lane. Shorts. Show off those legs in a pair of over the knee pants—shorts! These quintessential summertime bottoms are perfect for pairing with any warm weather tops. Find a great variety of women’s shorts styles fit for any occasion to prep your wardrobe for the summer season. Stay in shape and snag great active styles for any type of karacto.xyzg: bankruptcy.
All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. Related Tags. News Tips Got a confidential news tip? We want to hear from you. McKnight Jr. A and in the American business purchased the original outfit. Part of the problem, according to Craig Johnson, president of Customer Growth Partners, was surf apparel companies continued to expand even though many teens became less interested in donning clothing with labels such as Quiksilver, Volcom and Billabong.
The company took another hit last year when time world surfing champion Kelly Slater ended his long-running sponsorship deal with Quiksilver to start his own brand. By that time some surfers had come to view the clothing giant as too corporate in a sport that tries to maintain, and often markets, a counterculture vibe.
But other surfwear brands are doing far better than Quiksilver, and compounding problems for the firm were corporate missteps, said Kummetz of B.
Former Chief Executive Andy Mooney alienated retailers, in part, by discounting goods online, Kummetz said. In a letter to U. Cohen said Quiksilver might not retain the broad-based appeal it once held, but the brand has a future.
Famed clothier Brooks Brothers files for bankruptcy. Schumacher gathered more than 20, signatures asking Quiksilver and Roxy to tone down the imagery. When she met with corporate brass in , she was stunned by the response. Then there was Dr.
Mark Stranger, a surfer who earned his doctorate in sociology from the University of Tasmania. The book offers a frank diagnosis of bad decision-making, along with a strong suggestion of imminent doom at Quiksilver. In , McKnight stepped down as CEO, staying on as executive chairman until announcing his retirement the following year, though remaining on the board of directors.
That year also saw the company go through two rounds of layoffs. The following year, Slater shocked the surf world by leaving Quiksilver, who had sponsored him for nearly 25 years. By the time arrived, Quiksilver declared bankruptcy—and no one in surfing was surprised.
To my preteen buddies, it was the Quiksilver Warehouse, the place from which we bought flawed boardshorts for cut-rate prices. I recall a pair of trunks with the mountain-and-wave logo sewn on upside-down that I razor-bladed off, then hand-sewed into the correct position. One day, while my best friend Teddy Buckley tried on some trunks, he bumped into Australian professional surfer Mark Richards, who had just captured his first world championship.
By then, we and other surfers had already ditched Hang Ten, the iconic surfwear brand developed by Huntington Beach native Boyd. Boyd was a surf and business genius—he had used his good pal Hakman for Hang Ten ads by the late s. Rat Pack. Boyd endured a session of head games from Green, the Quiksilver founder who toyed with McKnight and Hakman on the trip to Vegas two years later. Well, it cost me some [airfare] money for that little joke. How much was the result of them simply failing to manage the severing of those ties?
I wonder how much [each] had to do with it. Following the bankruptcy, Quiksilver now must get all moves approved through Oaktree Capital Management, which also has a stake in Billabong. One Oaktree option floated last year was a merger of the two, a marriage that might strike surf-industry stalwarts as sacrilege.
But at this point, what else can Quiksilver do? He points out that the newer brands tend to remain as obscure as possible, the better to ensure its surfer cred and survival—the antithesis of Quiksilver.
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