Liberated Brands, which until recently acted as the online and physical retail arm of Authentic Brands Group properties Billabong, Boardriders and Quicksilver, filed for bankruptcy protection, court documents show.
The bankruptcy filing in the District of Delaware by Liberated Brands, dated Feb. 2, followed a December decision by Authentic Brands Group to terminate its licensing agreement with the company.
Boardriders is No. 476 in Digital Commerce 360’s Top 1000 Database ranking the largest North American online retailers. The database categorizes Boardriders under Apparel & Accessories.
Liberated Brands’ bankruptcy filing
The Chapter 11 bankruptcy filing lists Boardriders Retail, Liberated-Spyder and Volcom entities Volcom Retail Outlets, Volcom Retail and Volcom alongside Liberated Brands requesting to be identified jointly as debtors in the case seeking joint administration.
Subsequently, the court entered an order authorizing the debtors to discontinue operations and proceed with store closures for their brands. In the meantime, the debtors will continue to honor previously issued gift cards for the 14 days following Jan. 31.
Kirkland & Ellis LLP and Klehr Harrison Harvey Branzburg LLP are listed as legal counsel for Liberated Brands in the case, with AlixPartners, LLC, named as its proposed financial advisor. In addition, filings show Liberated Brands retained Stretto, Inc., as a claims and noticing agent.
End of Authentic Brands’ licensing deal with Liberated Brands
“In December 2024, Liberated’s North American license rights for its wholesale operations under the Volcom, RVCA, and Billabong brands were terminated as a result of Liberated’s default under the associated licenses,” wrote Todd Hymel, CEO of Liberated Brands, in a signed court filing dated Feb. 3. “In connection with this termination, Liberated’s United States and Canadian wholesale and e-commerce license rights with respect to those brands were transitioned to new operators, with Liberated retaining a limited right to sell through prior-season branded inventory (subject to certain restrictions).”
Following the end of that deal, Hymel described the events that followed and led to the eventual bankruptcy decision.
“Compounding an already dire liquidity situation, towards the end of December 2024 and continuing into January 2025, vendors began holding back in-transit inventory as well as pending inventory shipments for the spring 2025 season, reducing the Debtors’ borrowing base under their Prepetition ABL Facility by more than $10.0 million,” he wrote.
Authentic Brands, which owns a 19.9% minority stake in Liberated Brands, according to court documents, also became a partner in the recently formed Catalyst Brands, which merged JCPenney with SPARC Group’s portfolio of brands. Hymel listed his own stake in Liberated Brands as 19.6% through the Hymel Family Trust.
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