Liberated Brands LLC was a full-service brand licensee and operator for major action sports and outdoor apparel brands including Volcom, Quiksilver, Billabong, Roxy, and RVCA under license from Authentic Brands Group. Founded in 2019 by former Volcom management, the company grew to approximately 1,400 employees and 140 retail stores in the US and Canada following acquisitions of Boardriders brand licenses in 2023. The Debtors filed Chapter 11 on February 2, 2025 in Delaware (Case No. 25-10168) after EBITDA collapsed from positive $2.3 million in 2022 to negative $12.5 million in 2024, driven by shifting consumer preferences away from discretionary branded apparel. At filing, the company carried approximately $98 million in funded debt, primarily an $83 million ABL facility with JPMorgan Chase, plus $78 million in trade vendor obligations and $50 million in accrued royalties. JPMorgan provided a $45 million DIP facility. The Debtors conducted a wind-down and asset sales during the case, and the Chapter 11 cases were dismissed on December 29, 2025.
