Categories: Headlines

COVID-19: True Religion Files for Bankruptcy

True Religion (Vernon, Calif.) filed for Chapter 11 on Monday, April 13, Retail Dive reports. This is the brand’s second bankruptcy since 2017. In the filing, True Religion is also seeking an allowance to skip paying rent for 60 days under a court order as its stores remain closed during the pandemic.

Recently, the company had to close its stores due to the COVID-19 pandemic, which reportedly resulted in a loss of 80 percent of its sales; something that made bankruptcy unavoidable, according to the company’s interim CFO Richard Lynch and Retail Dive.

VMSD Staff

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