True Religion Apparel has emerged from US Chapter 11 bankruptcy under a court-approved plan of reorganisation that significantly reduced the company’s debt and provides it with liquidity to execute its growth plans over the next several years. Collaboration from lenders and other vendor partners in the bankruptcy case proved pivotal, the company said.
“We want to thank the company’s loyal and diverse customer base, which remained faithful to the brand both prior to and during the pandemic. We are incredibly thankful and completely indebted to our customers who have showed us consistent support during a period that was challenging in so many ways,” chief executive officer Michael Buckley said in a statement.True Religion Apparel has emerged from US Chapter 11 bankruptcy under a court-approved plan of reorganisation that significantly reduced the company's debt and provides it with liquidity to execute its growth plans over the next several years. Collaboration from lenders and other vendor partners in the bankruptcy case proved pivotal, the company said.#
“The reorganization has allowed the company to reduce its operating costs and lower its debt load, and emerge a profitable, lean operating company with a healthy balance sheet. The path is now clear for True Religion to continue its reinvigoration of its iconic American brand,” he added.
Simon Property Group, the landlord on a substantial number of True Religion’s retail stores, was an essential partner in the company’s reorganisation.
The company’s lenders, including Farmstead Capital Management and Crystal Financial, also worked tirelessly to reach an agreement and facilitate its turnaround.
Fibre2Fashion News Desk (DS)
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