Surfwear retailer Quiksilver filed for bankruptcy on Wednesday, . The brand's stock聽decreased by almost 80 percent this year.
Investment firm Oaktree Capital Management will now oversee the surfwear company. Oaktree, along with Bank of America, included $1.75 million in the bankruptcy financing plan, which will聽allow聽Quiksilver to continue operating during restructuring, .
鈥淎fter careful consideration, we have taken this difficult but necessary step to secure a bright future for Quiksilver,鈥 Pierre Agnes, Quiksilver鈥檚 chief executive, told 迟丑别听Wall Street Journal.