Quicksilver has filed for Chapter 11 bankruptcy protection. The surfwear brand, which was founded in 1969 in Australia, has exited what the AP was calling its “golden decade in the 1990s,” to face rising competition, particularly in America; its European and Asia-Pacific businesses are not part of the bankruptcy filing.

Quiksilver Inc. listed assets of more than $100 million and liabilities of more than $500 million in the filing. According to the AP, “The company, based in Huntington Beach, California, plans to continue with an ongoing store-closing plan in the Americas. It is scheduled to report third-quarter financial results later Wednesday.”