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

Liberated Brands filed for Chapter 11 bankruptcy protection, which will result in hundreds of retail closures.

All Quiksilver, Billabong and Volcom stores will be closing in the U.S due to a voluntary bankruptcy filed by Liberated Brands.

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.

Liberated Brands, which until recently operated skateboard and surfing-inspired retail brands including Quiksilver, Billabong and Volcom, has filed bankruptcy as more customers choose “fast fashion” competitors.

There is good news for fans of Billabong, Quiksilver and Volcom as the iconic brands will apparently be saved amid a bankruptcy filing that has forced more than 100 stores to close.

Billabong, Quiksilver and Volcom stores in the U.S. will close their doors after the company behind the once wildly popular surf and skate brands has filed for bankruptcy, according to reports.

More than 100 Volcom, Billabong, and Quicksilver stores across the U.S. are set to close after parent company Liberated Brands filed for Chapter 11 bankruptcy.

A popular fashion company known for surf brands has filed for bankruptcy. Yahoo Finance reports Liberated Brands, which operated Billabong, Roxy, Quiksilver, and Volcom, has filed for Chapter 11 bankruptcy in Delaware. Liberated said it would close 120 stores in the U.S. and Canada, firing more than 1,400 people from their jobs.

The company said in a Monday press release that it filed for bankruptcy to “implement an orderly monetization and disposition of its businesses.” It submitted a motion to the U.S. Bankruptcy Court for the District of Delaware for the closure of about 124 stores as part of its bankruptcy proceedings.