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If in doubt, paddle out: surf retailer Quiksilver files for bankruptcy

  • News
  • September 9, 2015
  • Elly Strang
If in doubt, paddle out: surf retailer Quiksilver files for bankruptcy

The Australian has reported Quiksilver has filed for bankruptcy in the US.

This comes after the company made a loss of NZ$484 million last year, with sales falling 13 percent.

It is reportedly getting ready for a restructuring.

A private equity firm called Oaktree Capital will provide Quiksilver with US$175 million in financial assistance and take control of the company.

Oaktree is also the majority shareholder in Billabong International, Quiksilver’s competitor.

 The firm has a shared 38 percent stake in Billabong and gave it a NZ$424 million helping hand in 2013 to help rescue the company when it was in a crisis.

A member of Billabong’s board, Matthew Wilson, resigned overnight from Oaktree due to “a potential conflict in Oaktree’s investment portfolio”.

However, some are speculating that Oaktree’s interest in the two companies might mean a merger later down the track.

 Using the New Zealand site’s store locator, The Register found Quiksilver has five Quiksilver branded stores in the country – three in Auckland, one in Christchurch and one in Queenstown.

It also has various outlets, such as North Beach surf and skate stores, stocking its clothing around New Zealand.

According to reports, bankruptcy is being filed in California, where the company is based.

Dismal US profits have brought the company to bankruptcy.

It’s understood the European, Australian and New Zealand arms of the company are profitable and aren’t included in the bankruptcy.

A Quiksilver manager told Stuff they hadn’t heard of problems in New Zealand or Australia and thought the two regions were some of Quiksilver's most profitable.

Alan Green and John Law originally founded the company in Australia in 1969 in a little surf town in Victoria called Torquay.

The brand became famous for its invention of boardshorts – swimming shorts with a Velcro closure that ensured they stayed on the wearer.

The shorts were seen on both surfers and beach goers in Australia over many generations.

Quiksilver also released a line of wetsuits that could be worn as suits earlier this year. The stunt garnered the company headlines around the world.

While surf fashion was once a booming industry, it has toppled in popularity in recent years.

Brands such as Billabong and Quiksilver are now operating in an increasingly competitive market.

Its target youth demographic are choosing trendy fast-fashion retailers like H&M or Glassons over surf brands.

Billabong made a NZ$258 million net loss for 2013/14. The previous year it was even worse, at NZ$947 million.

In Quiksilver’s second quarter financial results for the year ending April 30, its Americas’ revenues were down US$6 million to $160 million (4 percent decrease).

In contrast, its Asia Pacific revenues were up $4 million to US$56 million (7 percent increase).

When it was performing at its best, Quiksilver had a market capitalisation of US$2.3 billion.

Now, its market capitalisation sits at US$300 million.

Quiksilver also owns women’s surf brand Roxy and DC brands.

​ ​

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Eat my Lunch opens its first physical store

  • News
  • July 23, 2019
  • Courtney Devereux
Eat my Lunch opens its first physical store

The popular buy one give one model of Eat My Lunch has officially opened its first retail store in Auckland’s downtown Britomart. The store maintains its charity initiative, supplying a Kiwi kid lunch with every $14 spent.

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InStyle names All Is For All’s Grace Stratton a ‘Badass Woman’

  • News
  • July 18, 2019
  • The Register team
InStyle names All Is For All’s Grace Stratton a ‘Badass Woman’

Grace Stratton, the 20-year-old founder of specialty ecommerce site All Is For All, has been named one of 50 global Badass Women by US glossy magazine InStyle. The list includes international celebrities like Mindy Kaling and businesspeople like Stitch Fix chief executive Katrina Lake.

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Wellbeing in the workplace: Here's how its affecting your staff, and your bottom line

  • Opinion
  • July 18, 2019
  • Elly Strang
Wellbeing in the workplace: Here's how its affecting your staff, and your bottom line

Idealog editor Elly Strang recently spoke at the Magazine Publishers Association conference about the importance of wellbeing in the workplace, and the key takeaways from Wellness Month. She shares why it shouldn't be thought of as a luxury nice-to-have, like yoga classes, as research is showing it impacts on your bottom line, as well as some tips on how to create change in the workplace.

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Social scoreboard

Zavy and The Register have worked together to create a scoreboard that compares how the top 25 traditional media advertising spenders in New Zealand have performed on social media over the past 30 days, updated in real time.

 
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How HomeAR is incorporating AR into architecture design

  • technology
  • July 18, 2019
  • Courtney Devereux
How HomeAR is incorporating AR into architecture design

Many people struggle to envision plans from simple 2D renders and floor plans, as without a designer's eye, filling in blanks from imagination isn’t the most reliable method when it comes to something as important as building a brand-new home or store. Reactar has launched an augmented reality-based platform, HomeAR, to counteract this, which allows users to see and engage with homes in a virtual way, making the very personal process more reliable.

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Simon West is the new chief executive of Torpedo7

  • Who's Where
  • July 18, 2019
Simon West is the new chief executive of Torpedo7

Simon West, who has 20 years' experience leading companies like Ezibuy, has been appointed the chief executive of The Warehouse Group's outdoor retailer Torpedo7.

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Bay of Plenty D2C Saltysea opens its first store

  • Design
  • July 17, 2019
  • Sarah Dunn
Bay of Plenty D2C Saltysea opens its first store

Stephanie Saxton has been selling cheeky swimsuits and ethical activewear online out of Bay of Plenty's Athenree since 2018. She's now opened Saltysea's first bricks and mortar store, the Salty Collective.

Read more
 
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