2017 Newsmaker: After Bankruptcy, Quiksilver Changes Name and Goes on the Offense
About a year after emerging from Chapter 11 bankruptcy protection, Quiksilver Inc., which had been one of the world’s dominant surf brands since the late 1970s, changed its corporate name.
In March, it announced that its new corporate name would be Boardriders Inc.
Like Quiksilver, the new company is headquartered in Huntington Beach, Calif., and serves as the parent to Quiksilver brands DC Shoes, Roxy and Quiksilver.
But the new name is also meant to show the world that the long-running surf company is embarking on a new chapter, said Dave Tanner, managing director of Oaktree Capital Management L.P., the investment management firm that structured Quiksilver’s exit from bankruptcy.
“The company has spent the last 18 months focused on rebuilding its foundation from the bottom up, and the results are showing. While we will always maintain the discipline of our new ways of running the business, we are excited to begin to turn our focus toward serving our customers and consumers within the board-riding community in new and innovative ways. While our industry dynamics continue to be challenging, this is a company that is now prepared to be playing less defense and more offense,” Tanner said.
Quiksilver announced that it had plans to open a Boardriders shop in Malibu, Calif., last fall, but the store has yet to open.
Meanwhile, Boardriders recently made a proposal to acquire all of the outstanding shares of rival Billabong International Ltd.
In a Billabong press release, the company’s board agreed to grant “due-diligence access” to Boardriders so the surf compan could kick Billabong’s proverbial tires and submit a formal proposal. This due-diligence process will take a number of weeks.