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The released brands made a request for protection against the bankruptcy of chapter 11 over the weekend and seeks to close its retail stores in the United States where it sold brands like Quiksilver, Billabong and Volcom.
The company declared in a press release on Monday that it had filed an “implementation of an ordered monetization and provision of its companies”. He submitted a request to the American bankruptcy court for the Delaware district for the closure of About 124 stores As part of its bankruptcy procedure.
Libéré estimated a range of $ 100 to 500 million for its assets in its bankrupt request in chapter 11. The estimated responsibilities were the same.
A Billabong store in the Soho district of New York. (Michael Brochstein / Sopa Images / Lightrocket via Getty Images / Getty Images)
The company said that its American stores will remain open “while the company begins its efforts to close its American retail locations”, but will finally do their liquidation sales process. Liberated also has nine locations in Hawaii, whose statutes are “currently being negotiated”, according to the press release.
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CEO TODD HYMEL said in a court to deposit that “macroeconomic problems, including a rapid and spectacular increase in interest rates, persistent inflation, delays in the supply chain, a drop in customer demand well Lower than the historic trend line, preferences for changing consumers and substantial fixed costs “had weighed heavily on the finances of the company.
Liberated has held the licenses for Quiksilver, Billabong, Roxy, RVCA and other authentic brands belonging to Brands since the end of 2023, adding to the one he already had for Volcom, said Hymel in a file. The licenses to release to exploit Volcom, RVCA and Billabong to North America were terminated in December of last year “following the lack of liberation of Liberated under the associated licenses”, according to the CEO of Liberated.
Liberated has held the Licenses for Quiksilver, Billabong, Roxy, RVCA and other brands belonging to authentic brands since the end of 2023. (Dan Hiberchts / Bloomberg via Getty Images / Getty Images)
Judicial deposits Indicated that these licenses have been transferred to new operators, which means that consumers will always be able to obtain these clothing brands.
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“On rare occasions that a partner is unable to respect his commitments, Authentic will make the license pass,” said David Brooks, executive vice-president of Authentic Brands, in a press release Renard business. “To this end, we have worked in close collaboration with the released brands to transmit key licenses in a thoughtful manner to the trust operators of our network.”
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Brooks said that the fleet of American Liberated stores “was over-lambed, overwhelmed by obsolete and sub-performative locations” and “would probably be rationalized, allowing brands to create more value and strengthen their presence between special retailers , department stores and electronic commerce – engage more agile and resilient future.
Libéré said that the liquidation sales process for its American stores has already started.