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The surfing clothing firm Quiksilver has filed for bankruptcy in the US after it lost 79% of its market value this year.

Founded in Australia in 1969 but now based in California, the company operates in 100 countries.

It said in a statement however that its operations outside the US are not part of the Chapter 11 filing.

It listed in the US in 1986 but earlier this year its share price fell so low, it was threatened with delisting.

Quiksilver said the global investment lender, Oaktree Capital Management will provide the company with the $175m (£113.73m) it needs to restructure "and fund its ongoing operations in the US and abroad".

The deal is still subject to court approval.

Difficult step

Quiksilver chief executive Pierre Agnes said in a statement that the firm had taken the "difficult but necessary step to secure a bright future for [the firm]".

"With the protections afforded by the Bankruptcy Code and the financing provided by Oaktree, we will not only be able to satisfy our ongoing obligations to customers, vendors and employees, but we will also have the flexibility needed to complete the turnaround of our US operations and re-establish Quiksilver as the leader in the action sports industry," he said.

The company's brands include Roxy clothing and DC shoes and boots.

Its board shorts pioneered the surf board fashion trend in 1970 and were regarded as somewhat revolutionary at the time. They were the first to include a Velcro fastening and were made with hardwearing quick-drying cotton.