Tuesday, April 14, 2020

True Religion seeks shelter from pandemic (and rent) in Ch. 11

Retail Dive
Denim brand and retailer True Religion filed for Chapter 11 on Monday, its second bankruptcy since 2017.

The company had been racking up losses and struggled with liquidity all last year, according to True Religion interim CFO Richard Lynch​. The COVID-19 pandemic forced it to close its doors and wiped out 80% of its sales, resulting in even deeper liquidity woes and making bankruptcy "unavoidable," Lynch said in court documents.. . . more