Quiksilver sought bankruptcy protection
Posted on Thursday, September 10th, 2015 at 3:40 pm
Well-known surfing apparel brand Quiksilver recently filed for Chapter 11 bankruptcy in order to continue their business in the U.S., a September 9 article from CNBC reported.
Reports said the Huntington Beach, California-based company had a liability of over $500 million while their declared assets were over $100 million. Quiksilver shares this year reportedly plummeted nearly 80 percent due to issues related to accounting and shipping. Though some Quiksilver stores in the U.S. will be closed in the bankruptcy, stores in other countries will not be affected. Quiksilver is expected to continue their operation if the court will allow them to get over $175 million worth of financing from Oaktree Management. Quiksilver CEO, Pierre Agnes, stated that they have carefully considered filing for bankruptcy for the company to “secure a bright future.”
The lawyers of the Bradford Law Offices, PLLC in Raleigh work for business owners who have decided to file for Chapter 11 bankruptcy. Find out how we may possibly help your struggling business to recover today by calling (919) 758-8879.