Why Skate and Surf Mecca Quiksilver Is Changing Its Name
Cassius Clay became Muhammad Ali. Lew Alcindor changed his name to Kareem Abdul-Jabbar. Hoping to follow a similar path where new names lead to better times ahead, surfwear brand Quiksilver is shedding its old moniker.
The Huntington Beach, Calif.-based brand, which filed for bankruptcy protection in 2015, said Wednesday it is rebranding its corporate name to Boardriders Inc., from Quiksilver Inc.
“The renaming of our company signifies the beginning of a new day at Boardriders,” said Pierre Agnes, CEO of Boardriders, in a statement. “Our teams around the world have been building our resurgence brick-by-brick. Their passion and tireless execution, along with the loyalty of our customers, suppliers and partners, has allowed us to complete the restructuring phase of our turnaround and to begin shifting our focus to growth. As we pivot to growth, we [wanted] to recognize the importance of all three of our iconic brands, and the passion of the boardriding culture that those brands support.”
The surf and skate company, which owns the Quiksilver, Roxy and DC Shoes brands, exited from Chapter 11 protection in early 2016 with a plan to focus on restructuring more than $600 million in debt.
With some of its financial woes behind it, Quiksilver said it would now enter a new phase of growth: it plans to pursue the hospitality sector.
The company inked a deal with Accor Hotels to use the Quiksilver and Roxy names as part of the hotelier’s new, lower-priced hospitality concept called Jo & Joe.
“We are very proud of the progress in our turnaround program,” said Dave Tanner, managing director of Oaktree Capital Management, which helped lead Quiksilver through its restructuring. “The company has spent the last 18 months focused on rebuilding its foundation from the bottom up, and the results are showing. While we will always maintain the discipline of our new ways of running the business, we are excited to begin to turn our focus toward serving our customers and consumers within the boardriding community in new and innovative ways.”
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