Quiksilver Declares Bankruptcy
Another one (may be) biting the dust. Quiksilver suffered a massive 79 per cent market value loss this year which has forced the Californian surfwear chain to file for bankruptcy. The bankruptcy plan is to release control of the brand over to its lender Oaktree Capital Management. The result of filing for bankruptcy if approved will see Oaktree financing a $175 million restructuring process which will give them a majority stake in Quiksilver once it’s all said and done.
According to WWD, Quiksilver filing for bankruptcy isn’t a surprise. In March, Quiksilver replaced its top execs and in July the New York Stock Exchange threatened to remove Quiksilver from the exchange due to the brand’s low stock price.