Quiksilver, once a trendy manufacturer of surf and swimwear, has put itself up for sale, according to Bloomberg's anonymous sources at the company.
Quiksilver is about to go down, as it no longer appeals to surfers and athletes. Youngsters too have left the brand and to turne their attention to the cheaper and fast-changing collections that chains like H&M and Zara crank out.
Turnover dropped 13 % last year and losses grew to some 310 million dollar. The company was even forced to lower its profit forecast earlier this year and eventually even discarded it completely. Several executives were forced to leave the company in March and investors are unhappy as Quiksilver's value dropped 75 % in 2015 alone.
Quiksilver, founded in 1969, currently has some 700 stores of its own and generates half of its turnover outside the borders of the United States. Its management is allegedly looking for a buyer that can bring the company back on track, maybe after filing for a Chapter 11 which would eliminate (parts of) its debt.