Global sports brand Quicksilver filed for bankruptcy, after reporting 79-percent decline in profits in H1. Following the announcement, the retailer said it’s in the process of being acquired by Oaktree Capital Management. “We’ve taken this difficult, but necessary step to provide a bright future for the company,” said Quicksilver CEO Pierre Agnes. The company is currently waiting for court approval to implement an in-depth restructuring, with the help of a $175m loan from Oaktree that will cover bankruptcy proceeding costs. Operating 700 stores worldwide, Quicksilver was hit by growing competition from the rapid growth of “fast fashion” brands like H&M.
