Today, denim brand True Religion announced that they have filed for bankruptcy protection. According to Business Insider the move is supposed to slash the company’s debt by $350 million.
The company has signed a restructuring agreement with lenders and say that filing for bankruptcy was an important step in reducing their debt so that they can reinvigorate “True Religion’s iconic brand”.
The consumer shift from in-store to online purchases has contributed to True Religion’s issues, but also the brand’s denim products have fallen out of style with shoppers.
For more, head to Business Insider.