No Fear Retail Stores Inc., which has 41 stores in California, Arizona, Nevada and four other states, filed for Chapter 11 bankruptcy protection in San Diego.
“Due to the state of the economy and the difficult operating environment within our industry, the company needs to reorganize its finances and operations,” CEO Mark Simo said in a statement. “We already have effected significant cost reductions and other changes to improve our business, including the closing of a number of underperforming stores We are committed to serving our customers and continuing with regular operations through this reorganization.”
According to court documents, assets were estimated between $10 million and $50 million and liabilities between $1 million to $10 million. Unsecured trade creditors include Silver Triangle Industries, San Diego, which is owed $647,978; La Jolla Group, Irvine, CA, $235,000; Jido & Junlar Inc., Carlsbad, CA, $220,538; SRH Productions, Vista, CA, $149,063; Cygnus Sportswear, La Mirada, CA, $148,104; LFP Apparel LLC, Chatsworth, CA, $86,921; and Ralph's Sportswear, Escondido, CA, $60,242.
No Fear is an action-sports and casual-lifestyle clothing chain that sells various brands including So Cal, Fearless, Angel, Metal Mulisha, Gatorz as well as its own No Fear label. Founded in 1989 by twin brothers Mark and Brian Simo, No Fear was once a cult brand among surfers and motocrossers. Mark Simo was one of the founders of Spy Optic and formerly CEO of Orange 21.
