True Religion Apparel Inc. filed for bankruptcy with a plan to reduce debt by over 75 percent (In re True Religion Apparel Inc., Bankr. D. Del., 17-11460, petition filed).
The company becomes the latest retailer to restructure under Chapter 11 due to losses attributed to the consumer shift away from brick-and-mortar stores to online retail. For the twelve months ended Jan. 28, True Religion posted a net operating loss of $78.5 million.
As of Jan. 28, the company had assets of $243.3 million and debt of $534.7 million, according to court papers filed July 5 in U.S. Bankruptcy ...
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