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.

The surf-and-skate-inspired clothing labels will continue to be sold by other retailers as the company lays off 1,400 employees amid 'consumer spending changes.'