Liberated Brands lost the license to Quiksilver, Billabong and Volcom — and collapsed

Liberated Brands was the US licensee and operator for the Boardriders portfolio — Quiksilver, Billabong, Volcom, DC Shoes, Spyder, RVCA and Element. Under a licensing agreement with Authentic Brands Group, Liberated ran the retail stores and wholesale operations for these action-sports brands across the United States. At its peak it operated roughly 140 stores and employed approximately 1,350 people.

The business deteriorated rapidly after the pandemic. EBITDA swung from a positive $2.3 million in 2022 to a loss of $12.5 million in 2024 as consumer demand for action-sports apparel declined and fast fashion captured younger shoppers. Liberated fell behind on royalty payments to Authentic Brands Group. In December 2024, ABG revoked the licenses for the entire portfolio — without the right to use the brand names, Liberated had no business to operate.

Liberated Brands filed for Chapter 11 bankruptcy on 3 February 2025. The court approved the closure of all 124 remaining stores. Approximately 1,350 employees lost their jobs — 350 office staff and 1,040 retail workers. Asset liquidation recovered roughly $65 million, far short of the secured debt owed to JPMorgan. The action-sports retail empire that had defined surf, skate and snow culture for three decades was dismantled in a matter of months.