Quiksilver rides again: Retailer set to emerge from bankruptcy

Action sports retailer Quiksilver and its nearly 1,000 stores are set to emerge from bankruptcy on Feb. 8, under the majority ownership of Oaktree Capital Management.



Quiksilver filed Chapter 11 bankruptcy on Sept. 9, 2015 and on Jan. 28, the company and Oaktree Capital Management issued a statement indicating that funds managed by Oaktree will convert substantial existing United States debt holdings into a majority of the stock in the reorganized company on exit.



“Today marks a new beginning for Quiksilver, Roxy, and DC Shoes. We will emerge as a revitalized and stronger company with experienced leadership, rationalized operations, a clean balance sheet and a world-class partner in Oaktree, who brings additional strategic and operational expertise to our company,” said Quiksilver CEO Pierre Agnes. “The reorganization plan we have put in place provides us with the strong long-term financial foundation to fuel the success of our brands globally and positions us well to reassert our leadership position in the action sports industry.”



Quiksilver is a global retailer and brand that operates and licenses 961 stores as of the end of its fiscal year on Oct. 31, 2015 under banners such as Quiksilver, Roxy and DC. About 65% of the company’s sales come from outside the U.S.



“Quiksilver has tremendous brands that customers all over the world gravitate toward. Their emergence and new strategy will allow them to focus on innovating best-in-class products while extending the reach and relevance of their leading brands,” said David Tanner, managing director of Oaktree. “Simultaneously, it will allow the company to accelerate their ongoing journey of operational excellence. We look forward to partnering with Quiksilver management to continue shaping and driving their multi-year turnaround program.”