Surf clothing and snowboard outwear company 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, Quiksilver operates in 100 countries.

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

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

The deal is still subject to court approval.

Quiksilver CEO Pierre Agnes said in a statement that the company had taken the “difficult but necessary step to secure a bright future for [the company]”.

“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.

Quiksilver’ss 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.