Quiksilver to be removed from NYSE

Huntington Beach, Calif.-based company Quiksilver will be removed from the NYSE on October 12. NYSE reported the action to the Securities and Exchange Commission in a filing on Tuesday.

Quiksilver recently filed for Chapter 11 bankruptcy on September 9. The company's stock was suspended from trade during that time.

The bankruptcy on file is specifically for Quiksilver's U.S. business, and includes a deal for 175 million dollars in debtor-in-possession financing from Oaktree Capital Management and Bank of America. The company is also working on closing underperforming stores.

Quiksilver Inc. owns two other brands, including DC Shoes and Roxy, in addition to operating company branded stores. Quiksilver's troubles date back to their acquisition of ski and snowboard-gear maker Skis Rossignol. The company paid 320 million dollars for Rossignol back in 2005, only to sell in 2008 for 147 million dollars.

Debt from the failed deal plagued the company, along with the great recession, and an increasingly competitive retail landscape. The combination of forces has now lead Quiksilver to try and reform their financial situation, but, it's a game of wait and see to figure out how that will work out for them.