True Religion seeks Chapter 11 bankruptcy protection | The Colpitts Law Firm
Call Us: 918-236-8385 or Toll Free: 866-647-1770
Local 918-236-8385
Toll Free: 866-647-1770
When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

True Religion seeks Chapter 11 bankruptcy protection

Many companies find themselves in a position in which they must make difficult decisions in order to preserve the future success of the company. For many in Oklahoma, this includes deciding how best to manage overwhelming debt. One of these options includes seeking Chapter 11 bankruptcy protection.

One company has recently made the decision to seek such protection in an attempt to revive its brand. True Religion was founded in 2002 and specializes in trendy denim. However, it has recently found itself struggling as a result of several factors, including the increasing popularity of "athleisure wear" such as yoga pants.

The company also claims that it did not sufficiently adapt to the the industry-wide shift of online sales. In recent court filings, True Religion is asking a court to reject leases for approximately 30 stores, an indication that those stores are likely to close. A company representative claims that it has a plan to cut debt and has a loan secured, but its plan needs the judge's approval. The company is hopeful that its decision will allow it to reinvigorate the brand and pave the way for future success.

Unfortunately, many retailers in Oklahoma and other areas of the country have faced similar struggles. Many have chosen to follow the same path as True Religion and filed for Chapter 11 bankruptcy. The decision to do so is often the best option many companies have for managing overwhelming debt. An attorney with experience with such proceedings can help companies fully understand their options and take the most appropriate course of action.

Source: USA Today, "True Religion seeks a revival with bankruptcy filing", Nathan Bomey, July 5, 2017

No Comments

Leave a comment
Comment Information

Initial Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy