Quiksilver, Inc. changed its corporate name to Boardriders, Inc. (“Boardriders” and the “Company”). The new name embraces the company's action sports brands Quiksilver, ROXY, and DC Shoes. It also signals a new phase in the company’s turnaround and the beginning of its pivot from restructuring to growth.
In February 2016, the company’s US entity emerged from Chapter 11 reorganization and began a turnaround program led by the company management team and the special situations team for funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Since that time, the Company, as it announced, has right-sized its cost structure, re-engineered its entire global development engine, streamlined distribution, reduced excess inventory and instilled clarity, rigor and discipline throughout the organization.
Pierre Agnes, Chief Executive Officer of Boardriders. “As we pivot to growth, we think it is important to recognize the importance of all three of our iconic brands, and the passion of the boardriding culture that those brands support.”
Dave Tanner, Managing Director at Oaktree and Chief Turnaround Officer for the Company added: “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. While our industry dynamics will always require caution, this is a company that is now prepared to be playing less defense and more offense.”
In addition to the name change, Boardriders is also announcing several new exciting initiatives. First, the Company is entering into a new partnership with Accor Hotels to integrate the Quiksilver and ROXY brands into its Jo & Joe hospitality concept. In addition, the first Boardriders store in the Americas will be opening on the storied Pacific Coast Highway in Malibu, California in Fall 2017.