Parent company Liberated Brands blamed fast fashion and e-commerce moving too quickly to sustain its outdated brick-and-mortar stores in bankruptcy filings.

More than 120 Billabong, Quicksilver and Volcom stores in the United States will close permanently following a bankruptcy filing by parent corporation Liberated Brands.

Some iconic surf shops are permanently closing more than 100 stores in the US due to their operator, Liberated Brands, filing for bankruptcy. KTLA’s David Lazarus reported that Liberated Brands blames the bankruptcy on fast-fashion competition and an “uncertain economy.