True Religion, No. 711 in the 2017 Internet Retailer 2017 Top 1000, on Wednesday filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. In its filing, True Religion cites assets and liabilities in the $100 million-$500 million range. The company says it will continue operating as normal, including selling through its flagship online store.
“By dramatically improving our capital structure 24 months in advance of our term loan maturity, we will continue business operations as usual and provide our employees and business partners the long-term stability they need, while providing the necessary flexibility to invest in growing our digital footprint, building connections with customers and improving organizational competencies,” president and CEO John Ermatinger said.
True Religion had an Internet Retailer-estimated $17.6 million in online sales last year, up 19.7% from $14.7 million in 2015. Internet Retailer estimates that True Religion had an average online order value of $150 in 2016.
By Internet Retailer’s count, True Religion is the 7th apparel brand among the 13 retailers to file for bankruptcy this year, led by apparel retailer The Limited filing in January and then closing stores and ceasing online operations. Apparel is by far the largest category to suffer retailer bankruptcies in 2017, with outdoor equipment and apparel (2) accounting for the next most and department stores, electronics, footwear, and toys/hobbies accounting for the remainder of the bankruptcies.
Here’s a look at retailers that have filed for bankruptcy in 2017:Favorite