Costa Mesa, Calif. — Liberated Brands, the parent company of several sport, outdoor and lifestyle apparel retailers, has initiated Chapter 11 bankruptcy proceedings, according to court documents filed in Delaware.
Liberated Brands’ retail portfolio of brands includes Volcom, Billabong, Quiksilver, ROXY, Honolua Surf, RVCA, Beachworks, Becker Surfboards, ZJ Boarding House, Spyder and Boardriders.
According to Gordon Brothers, which is providing real estate advisory services to the retailer, Liberated Brands plans to close its 122 stores throughout the country. Gordon Brothers — which earlier this year entered into a sales transaction with Big Lots upon the latter’s Chapter 11 bankruptcy filing — has initiated closing sales at each of the 122 retail locations.
In a statement, Liberated Brands CEO Todd Hymel cited “a series of major headwinds and challenges,” including the rise in interest rates, inflation, supply chain delays, declining consumer demand, shifting customer preferences and substantial fixed costs.
Additionally, in December 2024, the company’s North American license rights for its wholesale operations under the Volcom, RVCA and Billabong brands were terminated due to a default.
Founded in 2019 by Hymel, Liberated Brands briefly enjoyed a sharp increase in product demand during the COVID-19 pandemic, with revenue increasing from $350 million in 2021 to $422 million in 2022, according to the CEO statement. The company acquired licenses and retail assets for several major outdoor apparel brands.
However, according to the Los Angeles Times, Liberated Brands had pretax losses of $12.5 million in 2024.
In addition to conducting the closing sales, Gordon Brothers will provide real estate advisory services to the company, including a strategic portfolio review to analyze and maximize the value of the store leases.
Quicksilver, Billabong and Volcom will continue to manufacture and sell merchandise online under different partners.
This marks the latest in a wave of retailer and restaurant bankruptcy filings, which has included Express, Party City, The Container Store, TGI Fridays and True Value.
— Hayden Spiess