Liberated Brands, known for owning popular surf-and-skate fashion labels like Billabong and Quicksilver, has filed for Chapter 11 bankruptcy, leading to the closure of 120 stores across the U.S. and international offices, resulting in 1,400 layoffs. CEO Todd Hymel pointed to fast fashion's rise, high interest rates, and inflation as key factors driving a shift in consumer spending away from discretionary apparel. The company's rapid expansion in previous years turned into struggles as economic challenges mounted, compelling ABG to withdraw its licenses in 2024. The brands will still be available at various retailers even post-bankruptcy.
The average consumer has shifted their spending away from discretionary products such as those offered by Liberated, influenced by fast fashion's swift and economical options.
Despite once thriving, our iconic brands have suffered under the weight of inflation, high interest rates, and shifting consumer habits towards more affordable clothing.
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