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.

Liberated Brands, which has operated stores for surfer and skater-inspired labels like Quiksilver, Billabong and Volcom, filed for bankruptcy this week — and plans to shutter its locations across the U.