You’ve probably seen the yellow "Liquidation" signs plastered over the glass at your local mall. Or maybe you noticed your favorite surf shop hasn't restocked those specific 19.5-inch boardshorts in months. It’s a valid question: is Billabong going out of business, or is this just another corporate shell game?
The short answer is: No, Billabong as a brand is not dying. But the stores you know? Those are a different story.
Honestly, the situation is a mess of bankruptcies, licensing handoffs, and "retail rationalization" (that’s corporate-speak for closing down). To understand why you can’t find a Billabong store in your local California or Florida mall anymore, we have to look at the massive explosion that happened behind the scenes in early 2025.
The 2025 Bankruptcy That Changed Everything
In February 2025, a company called Liberated Brands filed for Chapter 11 bankruptcy. Most people have never heard of them, but they were the ones actually running the Billabong, Quiksilver, and Volcom stores across the United States.
When Liberated hit the wall, they didn't just trim the fat. They decided to shutter all 124 of their U.S. brick-and-mortar locations. This is why the rumors started. People saw "Store Closing" signs at over a hundred locations and assumed the 50-year-old Australian icon was toast.
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Why did the stores fail?
The reasons cited in court documents by Liberated CEO Todd Hymel sound like a checklist of modern retail nightmares:
- Fast fashion competition: Brands like Shein and Temu eating the lunch of mid-tier apparel.
- Inflation: Nobody wants to drop $70 on a hoodie when eggs cost $6.
- Over-expansion: They doubled their store count during the pandemic, which, in hindsight, was a massive gamble that didn't pay off.
- Supply chain lag: Inventory showing up late and missing the seasons.
Basically, the stores were "overinflated" and burdened with high rent in malls that aren't getting the foot traffic they used to.
Who Actually Owns Billabong Now?
The brand itself is actually owned by a behemoth called Authentic Brands Group (Authentic). They bought the whole Boardriders portfolio—which includes Billabong, Quiksilver, Roxy, RVCA, and DC Shoes—back in September 2023 for a cool $1.3 billion.
Authentic doesn't really run stores. They own the "intellectual property." Think of them as the landlord of the brand name. They lease the right to make and sell Billabong gear to other companies.
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When Liberated Brands (the previous leaseholder) started failing, Authentic didn't let the brand go down with them. Instead, they yanked the licenses back and handed them to new partners. For example, O5 Apparel took over the wholesale license for Billabong men's and women's gear in North America.
Is Billabong Gone in Australia Too?
It's actually a bit of a homecoming down under. In April 2025, Authentic partnered with BR South Pacific (BRSP) to take over operations in Australia, New Zealand, and the South Pacific.
This move actually saved 200 retail stores in that region. While the U.S. retail footprint was liquidated, the Australian side of the business was snatched up by local operators who wanted to "bring the brands back home." If you're in Gold Coast or Sydney, Billabong is very much alive and kicking.
Where Can You Still Buy Billabong?
The "death" of the standalone store doesn't mean the death of the product. You're just going to see a shift in where it's sold.
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- Big Box Retailers: You’ll see more Billabong racks at Dick’s Sporting Goods, PacSun, and even Kohl’s.
- Specialty Surf Shops: Local independent surf shops are actually benefiting from this. Since the "corporate" Billabong stores are gone, these small shops are once again the primary place to find high-end wetsuits and technical gear.
- Direct-to-Consumer: The Billabong website remains fully operational. E-commerce is where the new owners are putting most of their marketing dollars.
The 2026 Outlook: Resilience or Fade-out?
As we move through 2026, the brand is in a "lean and mean" phase. The massive layoffs—nearly 1,400 people lost their jobs during the Liberated bankruptcy—were a brutal blow to the industry. But from a business perspective, the brand is "healthier" because it’s no longer bleeding money on expensive mall leases.
There is a risk, of course. When a brand moves from its own dedicated stores to being just another rack at a department store, it can lose its "soul." It becomes just another piece of clothing rather than a lifestyle.
What You Should Do
If you’re a fan of the brand or a retail investor watching the space, here is how to navigate the current Billabong landscape:
- Use your gift cards immediately: If you found an old gift card, check if it's still valid. During the 2025 bankruptcy, there was a very short window (about 14 days) where they were being honored before the retail systems changed over.
- Check the labels: You might notice a slight change in quality or fit as new licensees (like O5 Apparel) take over production. Keep an eye on reviews for the 2026 spring/summer lines.
- Support local shops: If you want the "real" surf culture experience that the corporate stores used to provide, head to your local independent surf shop. They are the ones keeping the core community alive while the big brands play musical chairs with their licenses.
Billabong isn't going out of business. It’s just moving out of the mall and back into the water (and your laptop screen). The era of the "Surf Mega-Store" in the U.S. is likely over, but the wave logo isn't disappearing anytime soon.
Actionable Insight: If you are looking for specific Billabong items, prioritize their official website or verified wholesale partners like Dick's Sporting Goods to ensure you aren't buying from "clearance" sites that might be selling old, discontinued stock from the 2025 liquidation.