Surfing clothing brand Quiksilver has filed for bankruptcy in the US after losing nearly 80% of its market value.

In a statement, the company said its operations outside of the US were not included in the Chapter 11 bankruptcy filing.

Quiksilver was launched in 1969 in Australia, before relocating to California. In 1986 it listed shares in the US, but earlier this year its share price fell so low that it warned that it could be de-listed.

Quiksilver chief executive Pierre Agnes said: "With the protections afforded by the Bankruptcy Code and the financing provided by Oaktree [Capital Management], 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."

Oaktree Capital Management, a global investment firm, will fund $175 million (£113.73m) needed to restructure the company in the US and the 100 countries in which it operates.