The discount retail sector has contracted over the last year as retailers closed underperforming locations or filed bankruptcy to liquidate stores. The retail chains blamed the fallout from the Covid-19 pandemic,

Parent company Liberated Brands blamed fast fashion and e-commerce moving too quickly to sustain its outdated brick-and-mortar stores in bankruptcy filings.

Liberated Brands, which has operated stores for surfer and skater-inspired labels like Quiksilver, Billabong and Volcom, filed for bankruptcy this week — and plans to shutter its locations across the U.