Liberated Brands, the operator for Billabong, Quiksilver, and Volcom, filed for bankruptcy effectively closing the popular retailers in the U.S.

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.