Quiksilver is preparing to file for Chapter 11 bankruptcy protection in the United States, according to The Australian.
The surfwear brand’s Australian and European arms are reportedly profitable and will not be affected by the collapse of the American business.
Quiksilver has been in trouble for some time, with decreased earnings over the past few years prompting the disposal of non-core brands.
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Should the US bankruptcy proceedings be finalised, control of Quicksilver’s US arm is expected to go to private equity firm Oaktree Capital Management.
Richard Branson pours water down TV host’s shirt
High profile entrepreneur Richard Branson has poured water down David Koch’s shirt, forcing the Sunrise co-host to go commando underneath his suit.
The incident happened while filming an interview with the founder of Virgin Group and renowned billionaire, according to Fairfax.
“You’re going to look so much better,” Branson said jokingly before pouring the water over the TV host.
Branson is currently in Australia for a series of motivational lectures aimed at inspiring budding entrepreneurs to dream big.
Shares up on open
Aussie shares are trading higher this morning off the back of a positive showing from Wall Street.
Ric Spooner, chief market analyst for CMC Markets, said in today’s stock market will be “swimming against the tide”.
“In a continuation of recent stock market volatility, the buyers have been firmly in charge over the past 24 hours,” Spooner said.
“While stability in China’s stock market may have been a catalyst and a minor circuit breaker, it’s hard to believe it featured heavily in the list of investor reasons for buying. More likely the surge in world share markets over the past 24 hours reflects the fact that many see relative value in current prices.”
The S&P/ASX200 benchmark was up 0.94%, rising 48.7 points to 5115.2 points at 11:26am AEST. On Tuesday, the Dow Jones closed up 2.42%, rising 390.30 points to 16,492.68 points.