Denim giant #TrueReligion Brand Jeans filed for chapter 11 bankruptcy on Monday. They have made a deal with two creditors and are hoping for a revival within the next 90-120 days!
“After a careful review, we are taking an important step to reduce our debt, reinvigorate True Religion’s iconic brand and position the company for future growth and success,” company president and CEO, John Ermatinger, said in a statement.
TowerBrook Capital Partners is a private equity firm that currently owns the denim brand. Under a deal, they will slash True Religion’s debt by close to $350 million! TowerBrook will also own a minority stake in the company.
TSR STAFF: Talia O. @theclosetratchet on IG, @tallyohhh on Twitter
Source: http://nypost.com/2017/07/05/true-religion-files-for-bankruptcy/
