Surfwear retailer Quiksilver filed for bankruptcy on Wednesday, according to the Los Angeles Times. The brand's stock decreased by almost 80 percent this year.
Investment firm Oaktree Capital Management will now oversee the surfwear company. Oaktree, along with Bank of America, included $1.75 million in the bankruptcy financing plan, which will allow Quiksilver to continue operating during restructuring, the Wall Street Journal reports.
“After careful consideration, we have taken this difficult but necessary step to secure a bright future for Quiksilver,” Pierre Agnes, Quiksilver’s chief executive, told the Wall Street Journal.