Today’s dose of ‘WTF!’ news, comes as we learned that Nasty Gal is reportedly filing for bankruptcy after two years of financial troubles.
Nasty Gal was founded by Sophia Amoruso, the author of #GIRLBOSS and Nasty Galaxy (both of which I own!). She’s often quoted as an expert on all things money and often says ‘money looks better in the bank than it does on your feet.
According to news site Recode, Amoruso will be resigning as executive director of the company as it files for chapter 11 bankruptcy and ‘restructures’.
A decade above the influence. Onward babies. I love you.
— SOPHIA AMORUSO (@sophiaamoruso) November 10, 2016
“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,” chief executive Sheree Waterson told Fortune.
“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.”
There are rumors that she the Netflix show based on her is no longer going forward, but it seems these might just be rumors for now.
This is an interesting story, but a company’s success doesn’t ride on whether or not they go bankrupt – and declaring it as a restructuring could just mean they need to do a complete overhaul of their finances. People are shocked because Sophia is such a model for financial and sustainable success, but right now we don’t know the full story. We’ll keep you updated on any other developments!
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