All Quiksilver, Billabong and Volcom stores will be closing in the U.S due to a voluntary bankruptcy filed by Liberated Brands.

Liberated Brands, the operator for Billabong, Quiksilver, and Volcom, filed for bankruptcy effectively closing the popular retailers in the U.S.

A rise in interest rates, persistent inflation, supply chain delays, a decline in consumer demand, a shift in consumer preferences, and substantial fixed costs were all listed as challenges the company has faced.