Denim mega house True Religion is seeking chapter 11 bankruptcy for the second time since 2017 after filing official protection in Delaware court Monday, April 13th, 2020. True Religion financials revealed the brand has around $500 million in assets and liabilities.
The designer jean brand says that extended closures surrounding the COVID-19 pandemic and "accelerated" the liquidity limitations from a prior bankruptcy. According to court documents, the brand furloughed all-non-essential staff members nationwide per state mandates.
The True Religion Brand was purchased in 2013 for $824 million by New Yorked based investment company TowerBrook Capital Partners.
The Manhatten Beach founded luxe denim brand started its fashion whirlwind in the mid-2000s popularized by stars such as Britney Spears, Jessica Simpson, and Jennifer Lopez.