According to The Los Angeles Times, California-based parent company Liberated Brands filed for Chapter 11 bankruptcy and will shut down 124 stores across the country. As Quiksilver and Billabong are both Australian brands, they will continue to operate stores outside the United States.

TheStreet.com named Quicksilver, Volcom, Billabong and Roxy as all being part of California-based company in recent years. Many of those brands have since migrated out of malls and into larger standalone retail stores like Walmart and Sam's Club.

Billabong, Quicksilver and Volcom stores in the U.S. will close their doors after the company behind the once wildly popular surf and skate brands has filed for bankruptcy, according to reports.