Surfwear empire filing bankrupcy

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One could have said you saw it coming. Surfwear empire Quiksilver has been plagued as of late it seems. It started with a replacement of CEO and brand co-founder Bob McKnight with Nike exec Andy Mooney. Then they dropped over half to their surf team and surf-god Kelly Slater left!

Ultimately as of late their stock crashed so much so that the New York Stock Exchanged warned them for risk for being delisted. Quiksilver’s net loss last year alone came in at $309.4 million.

Now, Quiksilver is filing for bankruptcy as early as this evening. As part of a prearranged deal, Quik is being handed over to Oaktree Capitol Management which will provide $175 million and assume control of the company. It is a sad day in the surf world.

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