Nasty Gal is experiencing financial troubles.
The trendy multi-channel retailer, which is favored by many millennial women, filed for Chapter 11 bankruptcy in Los Angeles Wednesday, with an aim to restructure its balance sheet and business.
“Our decision to initiate a court-supervised restructuring will enable us to address our immediate liquidity issues, restructure our balance sheet and correct structural issues including reducing our high occupancy costs and restoring compliance with our debt covenants,” Nasty Gal CEO Sheree Waterson said. “We expect to maintain our high level of customer service and emerge stronger and even better able to deliver the product and experience that our customers expect and that we take pride in bringing to the market.”
Read more at Sourcing Journal.