Nasty Gal Is Filing For Bankruptcy

 

Today’s dose of ‘WTF!’ news, comes as we learned that Nasty Gal is reportedly filing for bankruptcy after two years of financial troubles.

 

nastygal-bankruptcy
@sophiaamoruso

 

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’.

“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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  • Charmaine Ng

    Wait. What. Wtf. I was planning to finally buy her book and read it.
    http://charmainenyw.com

  • Liz | Lipstick & Confetti

    I was shocked to hear this!

    xo, Liz
    http://lipstickandconfetti.com

  • Jasmine Secret

    What, Would have never thought this would ever happen to Nasty Gal!

    http://www.jasminesecret.com

  • Preris Life

    So shocking! I loved her book! Well, I just hope that this is just a momentary bad phase for her and that it goes away soon! :)

    http://www.prerislife.com

  • Jenelle Witty

    Yes this is such shocking news! Insane.
    xx Jenelle
    http://www.inspiringwit.com/

  • Majean G

    Well 2016 is certainly the year of shocks. I wish them all the best.

    http://www.majeang.com

  • Claudia Glam

    OH NO!

    http://www.claudiaglamone.com/

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