Once a very popular brand of clothing in the Hip-Hop culture True Religion has filed for bankruptcy. True Religion is based in Vernon, California, the company was established in December 2002 by Jeff Lubell and Kym Gold. True Religion Brand Jeans sell ‘premium denim’ which is handmade in America. It has been said that if a pair of $300 True Religion jeans had been made in China, they’d cost you more like $40. The True Religion Jeans name has been dropped in countless Hip-Hop songs and been seen on the bodies of countless Hip-Hop artist. Unfortunately the trend has left Hip-Hop and the True Religion company has to adjust.
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According to Business Insider True Religion filed for creditor protection under Chapter 11 in the U.S. bankruptcy court in the District of Delaware, and listed assets and liabilities in the range of $100 million to $500 million. Said in a statement the restructuring agreement with lenders, including TowerBrook Capital Partners, will slash the company’s debt by over $350 million.
In a statement True Religion CEO John Ermatinger says “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”.
