Surfwear retailer Quiksilver filed for bankruptcy on Wednesday, . 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, .
“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 ٳWall Street Journal.