Liberated Brands filed for Chapter 11 bankruptcy over the weekend and is looking to shutter its U.S. retail stores where it sold brands like Quiksilver, Billabong and Volcom.

The surf-and-skate-inspired clothing labels will continue to be sold by other retailers as the company lays off 1,400 employees amid 'consumer spending changes.'

Another major retailer has fallen victim to the shifting tides of the fashion industry. Liberated Brands, the operator of well-known labels like Roxy, Quiksilver, Billabong, and RVCA in the United States and Canada,

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

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

A trio of iconic surf-and-skate-inspired brands will shutter their stores nationwide after their operator, which runs around 120 stores, went bust. Quicksilver, Billabong and Volcom are among the brands operated by Liberated Brands,