×
1 098
Fashion Jobs
LEVI'S
Mobile App Trading & Operations Manager
Permanent · London
BLACK PR
Sales Account Manager
Permanent · LONDON BOROUGH OF HACKNEY
ESTÉE LAUDER
Clinique - Consultant - Boots, Inverness - 18 Hours - Part Time, Permanent
Permanent · Inverness
RELY RECRUITMENT
Head of Finance / Finance Manager
Permanent · LONDON
LEVI'S
Performance Marketing Manager
Permanent · London
ESTÉE LAUDER
la Mer - Business Manager - Bentalls, Kingston - 22.5 Hours / 4 Days - Part Time, Permanent
Permanent · Kingston upon Thames
SHISEIDO
Ecommerce Manager - Nars, Shiseido & Drunk Elephant
Permanent · London
VANS
Account Coordinator - Dutch Speaking - Vans
Permanent · NOTTINGHAM
ESTÉE LAUDER
The Estée Lauder Companies - CRM And Loyalty Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Bluewater - 25.5 Hours - Part Time, Permanent
Permanent · Dartford
ESTÉE LAUDER
Clinique - Consultant - Boots - Metro, Gateshead - 21 Hours - Part Time, Permanent
Permanent · Gateshead
ESTÉE LAUDER
Director, Global Social Marketing
Permanent · London
ESTÉE LAUDER
Tom Ford - Business Manager - John Lewis, Milton Keynes - 37.5 Hours, Days - Full Time, Permanent
Permanent · Milton Keynes
SHISEIDO
Nars Account Manager, Fenwick Bond Street (37.5 Hours)
Permanent · London
LIBERTY LTD
Sales Manager
Permanent · LONDON
LIBERTY LTD
Retail Security Officer
Permanent · LONDON
VF INTERNATIONAL
Inbound Logistics Analyst - 12 Month Ftc
Permanent · COALVILLE
VF INTERNATIONAL
Warehouse Trainer
Permanent · COALVILLE
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
ESTÉE LAUDER
Clinique - Consultant - Boots, White City London - 35 Hours - Full Time, Permanent
Permanent · London
ESTÉE LAUDER
la Mer - Business Manager - Harvey Nichols, Birmingham - 37.5 Hours / 5 Days - Full Time, Permanent
Permanent · Birmingham
ESTÉE LAUDER
Regulatory Scientist - Global Ingredients Compliance
Permanent · Petersfield
By
Reuters
Published
Jul 5, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

U.S. denim retailer True Religion files for bankruptcy

By
Reuters
Published
Jul 5, 2017

True Religion Apparel Inc, whose heavily adorned denim jeans have fallen out of fashion, filed for bankruptcy on Wednesday with a deal in hand to slash its debt of about $500 million and emerge from court protection quickly as a going concern.



Photo: True Religion




The retailer joins American Apparel LLC, Payless ShoeSource Inc and other chains in bankruptcy as shoppers increasingly buy online, turning away from brick-and-mortar specialty shops and department stores, where True Religion makes the majority of its sales.

In court papers, a True Religion executive pinned the company's financial difficulties on the growth of "athleisure," a move away from denim to casual sports clothing outside of the gym. True Religion became a part of popular culture a decade ago as celebrities donned the denim and hip hop artists cited the brand in songs.

Under True Religion's plan, its lenders will receive most of the equity in the reorganized company, whose debt load will fall by $350 million to $140 million. The company aims to exit bankruptcy in about four months, according to court papers.

True Religion's owner, private equity firm TowerBrook Capital Partners, has also approved the company's bankruptcy plans.

"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," True Religion Chief Executive John Ermatinger said in a statement.

The company's restructuring plan provides for full payment of claims of its continuing trade creditors, which includes vendors, suppliers and landlords.

True Religion has 128 retail stores, whose sales make up almost 75 percent of its total net sales for its most recent fiscal year. The company also sells its denim through department stores including Nordstrom, Bloomingdale's and Sakes Fifth Avenue.

The Manhattan Beach, California-based retailer secured a debtor-in-possession (DIP) loan from Citizens Bank for up to $60 million.

The premium denim maker filed its Chapter 11 petition in U.S. bankruptcy court in Wilmington, Delaware.

Reuters reported in October that the retailer had hired a legal adviser to explore several debt restructuring options.


 

© Thomson Reuters 2022 All rights reserved.