True Religion brand Jeans filed for Bankruptcy4 min read

Now one clothing item that most persons own is a pair of jeans, and many of you may be familiar with the big denim brand True Religion, well it has been reported that the name Brand Jeans filed for chapter 11 bankruptcy on Monday. They have made a deal with two creditors and are hoping for a revival within th the next 90-120 days!

The company’s president and CEO, John Ermatinger, said in a statement “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.” TowerBrook Capital Partners is a private equity firm that currently owns the denim brand. Under a deal, they will slash True Religion’s debt by close to $350 million and TowerBrook will also own a minority stake in the company.