Liberated Brands filed for Chapter 11 bankruptcy over the weekend and is looking to shutter its U.S. retail stores where it sold brands like Quiksilver, Billabong and Volcom.

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.

Another major retailer has fallen victim to the shifting tides of the fashion industry. Liberated Brands, the operator of well-known labels like Roxy, Quiksilver, Billabong, and RVCA in the United States and Canada,

Liberated Brands, the operator for Billabong, Quiksilver, and Volcom, filed for bankruptcy effectively closing the popular retailers in the U.S.

Bargain Hunt launched its going-out-of-business sale after filing for Chapter 11 bankruptcy earlier this week.

Discount retailer Bargain Hunt will close every store location and hold GOB sales after filing for Chapter 11 bankruptcy protection.

Two of the chain's 92 stores are located in Central Ohio. Bargain Hunt opened stores at 3574 Soldano Blvd. on the city's west side and at 727 Hebron Road in Heath in September 201