Exactly ten years after the beginning of the big bold flashy journey called Nasty Gal, the company seems to have filed for bankruptcy. Founder and former CEO Sophia Amoruso plans to resign from her latest position as executive chairman, as well.
This plan, although surprising, sounds like something Nasty Gal has been thinking about for a bit. The company’s chief executive officer Sheree Waterson has made an announcement concerning the reason of their filing for Chapter 11 bankruptcy protection:
“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. 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 market.“
So, yeah, you got it right. Hold your horses and allow yourself a sigh of relief: these big news doesn’t mean that Nasty Gal is going to shut it shiny gates anytime soon.