Skateboarding was once the ultimate street-born counterculture — fueled by creativity, rider-run brands, and loyal local shops. But a new paper from the Center for Economic and Policy Research - covered recently by The Lever - shows how private equity buyouts have systematically hollowed out the industry. World Industries, once a skater-first powerhouse, was sold to private equity in 1998, setting off decades of asset-stripping that left employees and riders disillusioned. Later, giants like Oaktree Capital bought up Quiksilver, Roxy, DC Shoes, Billabong, and more — moves that triggered layoffs, slashed pay for riders, and ultimately left brands drowning in debt. This year, Liberated Brands collapsed under $3.2 billion in debt, axing a thousand jobs.
Researcher Daniel Stone says private equity firms “don’t care if brands collapse — by then they’ve already pocketed the profits.” He points to other retail casualties like Joann Fabrics and Red Lobster, but insists skateboarding’s culture can still be saved by supporting independent shops and skater-owned brands.
As a reminder, the Cortez Skate Park is closed through the end of the month for improvements.
