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.

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

Parent company Liberated Brands blamed fast fashion and e-commerce moving too quickly to sustain its outdated brick-and-mortar stores in bankruptcy filings.