Denim Brand True Religion Has Filed For Bankruptcy
It's a sad day for hip-hop's beloved denim brand True Religion Apparel Inc, which has filed for bankruptcy with the aims of creditor protection. Additionally, the company signed a restructuring agreement that will reduce their debt by over $350 million, according to Business Insider.
This shortcoming should come as a surprise considering the power position that True Religion has held for the last 10+ years. Kanye West, Nicki Minaj, Future, Jim Jones, and the Black Eyed Peas have all paid homage to the denim retailer in their songs. Not to mention, Trueys were the inspiration behind 2 Chainz's iconic ad lib "truuu" and mixtape "T.R.U. REALigion," and Chief Keef's bop "True Religion Fein."
Despite recent efforts to stay relevant — featuring Skepta, Bella Hadid, Justine Skye, and the like on their Instagram — the brand has continued to struggle, possibly due to the consumer shift from in-store purchasing to online shopping. However, True Religion's Chief Executive John Ermatinger is hopeful, recently stating, "After a careful review, we are taking an important step to reduce our debt, reinvigorate True Religion's iconic brand and position the company for future growth and success."