Quiksilver Files for Bankruptcy After Shares Crash on Market

Following many waves of bad luck.

By //Fashion

After suffering a 79 percent market value loss this year, Californian surfwear chain Quiksilver has filed for bankruptcy with a plan to hand control over to lender, Oaktree Capital Management. Pending a bankruptcy court approval, the company has announced that the global asset management firm will supply $175 million USD to finance a restructuring, in return for a majority stake in Quiksilver once the process is completed. This latest move should come as no surprise, following a year of abysmal performance. In March, Quiksilver was forced to replace its top executives after restating earnings, followed by a scrapping of its annual earnings forecast altogether in June when they realized a rebound would require more time. In July, the New York Stock Exchange then threatened to remove its stock because it was trading at too low of a price. However, Quiksilver’s European and Asian operations will not be affected by the bankruptcy.

Read Full Article
Source
WWD
Quiksilver

You may also like

Shiekh Shoes Files for Bankruptcy After Owing Nike $16 Million USD
Footwear

Shiekh Shoes Files for Bankruptcy After Owing Nike $16 Million USD

The brand had earlier been seeking funding to avoid filing for bankruptcy.
13,589 Hypes 0 Comments
Toys "R" Us Closing U.S. Stores After Filing for Bankruptcy
Design

Toys "R" Us Closing U.S. Stores After Filing for Bankruptcy

Goodbye to your childhood?
17,798 Hypes 49 Comments
Spotify Files for IPO
Music

Spotify Files for IPO

The streaming giant is heading to Wall Street.
9,774 Hypes 8 Comments
Dover Street Market Beijing Shares New Grand Opening T-Shirts
Fashion

Dover Street Market Beijing Shares New Grand Opening T-Shirts

In a trio of color options.
1,478 Hypes 6 Comments
Rich Chigga Offers a Crash Course on Indonesian Food
Food

Rich Chigga Offers a Crash Course on Indonesian Food

From rendang to nasi goreng.
5,734 Hypes 0 Comments


What to Read Next

#OnFeet: Sneakerness Paris 2015
Fashion

#OnFeet: Sneakerness Paris 2015

The rare and coveted were on full flaunt.
22,201 Hypes 0 Comments

NEIGHBORHOOD x adidas Originals Shell-Toe Boots
Fashion

NEIGHBORHOOD x adidas Originals Shell-Toe Boots

A rugged, seasonal silhouette inspired by the legendary adidas Superstar.
22,262 Hypes 0 Comments

Listen to Skepta's New Song "Top Boy" Ripped off His Physical Mixtape
Music 

Listen to Skepta's New Song "Top Boy" Ripped off His Physical Mixtape

Boy Better Know.
115 Hypes 0 Comments


Logic Is Readying His Sophomore Album, 'The Incredible True Story'
Music 

Logic Is Readying His Sophomore Album, 'The Incredible True Story'

Watch Logic work his magic on an Akai MPC.
87 Hypes 0 Comments

Watch Justin Bieber Sing Acoustic Version of "What Do You Mean?"
Music 

Watch Justin Bieber Sing Acoustic Version of "What Do You Mean?"

Might be even better than the original.
733 Hypes 0 Comments

Us Versus Them 2015 Fall/Winter Delivery 1
Fashion

Us Versus Them 2015 Fall/Winter Delivery 1

The brand is known for its cut and sew selection and its pro-individual message.
12,625 Hypes 0 Comments

More ▾