True Religion Declares Bankruptcy
LOS ANGELES (AP) — True Religion Brand Jeans is filing for Chapter 11 bankruptcy protection but will continue to operate its business uninterrupted, the company says.
The maker of stylized jeans and apparel is the latest retailer this year to file for Chapter 11, close stores or go out of business entirely.
The Los Angeles-based True Religion, which is owned by TowerBrook Capital Partners, said Wednesday the reorganization will reduce its debt by more than $350 million. The company also said it secured up to $60 million in financing from Citizens Bank.
True Religion filed a voluntary Chapter 11 petition in Delaware and expects it will take between three and four months to be confirmed by the court.
The company, founded in 2002, designs, markets, distributes and sells clothing and apparel.
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