True Religion Files for Bankruptcy Protection

The famed denim brand that became a staple in high-end streetwear culture, True Religion, has filed for bankruptcy and signed a restructuring agreement with its lenders. The company has filed for creditor protection under Chapter 11 in United States bankruptcy court in the District of Delaware. They listed assets and liabilities ranging between $100 and $500 million and the restructuring could cut the company's debt by $350 million.
In wake of the decision, True Religion Chief Executive John Ermatinger stated, "After a careful review, 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."

Source: businessinsider