Kanabeach has been placed in liquidation. The commercial court of Brest, in the French region of Britanny, found that insufficient guarantees had been proposed by Alexis Bernard and his partner, David Marrec, to leave the French surfwear company in operation with a reduced staff of 24 employees, out of 62, and a cut in the number of stores from 20 to nine. It was the sole remaining offer following the withdrawal of an investment fund, Nestadio. Kanabeach was founded in 1986 at Locmaria-Plouzané, in Brittany, by Frédéric Alégoët, who acted initially as managing director. It employed up to 140 workers at peak. Its sales, which reached more than €20 million in 2007, had declined to around €9 million in 2012. The company had been in receivership since March 2012.