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Denim Retailer True Religion Files for Bankruptcy as Clientele Dries Up

April 14, 2020, 10:05 AM
Filed Under: Bankruptcy
Related: True Religion

Jeans retailer True Religion filed for Chapter 11 on Monday as diminishing sales and the pressure on brick and mortar retail wrought by the coronavirus took a final toll on the company.

According to multiple press reports, the company's largest lenders had been offering recent capital to the retailer to reorganize below Chapter 11. But the firm chose to focus its attention on its immediate e-commerce business

“Within the close to time period, and till our shops open up, we shall be persevering with as now we have, to run our E-Commerce companies, in the identical manner we did previous to submitting for Chapter 11,” CEO Michael Buckley said.

“We also look forward to using the Chapter 11 reorganization process to help us with our business relationships in what we hope is a short stay in Chapter 11.”

This is the second time True Religion filed Chapter 11 in under two years.

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