Nasty Gal Files for Bankruptcy
On the day after the U.S. Election, while most of us were concerned with the results, Los Angeles based retailer Nasty Gal quietly filed for chapter 11 bankruptcy protection.
If you’ve never heard of Nasty Gal, the online-based retailer made waves, becoming one of the fastest growing e-commerce startups and launching the public career of self-described #GirlBoss Sophia Amoruso who launched the company.
At one point Sophia’s influence was so great that Anne Hathaway tapped Amoruso for inspiring her role in The Intern movie. Well, it looks like now, Amoruso’s rise has come to a halt.
Provided in a statement to WWD the Nasty Gal’s current CEO is quoted as saying: “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.” CEO Sheree Wilson goes on to say “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.”
Regardless of Nasty Gal’s future, Amoruso will be alright. She has just released her second book titled “Nasty Galaxy” and she is currently on Forbes‘s list of American’s Richest Self-Made Women with an estimated $280 Million.