Designer jeans company True Religion has filed for Chapter 11 bankruptcy protection for the second time in 3 years—citing difficulties due to the coronavirus pandemic
Many retailers are struggling to stay afloat as the shutdown drags on and their stores remain closed. President Donald Trump has expressed hope that the U.S. could reopen by May 1, however it remains unclear how plausible that is. In the meantime, dozens of retailers have been downgraded by the credit ratings agencies. According to, department stores have become particularly vulnerable and their odds of defaulting have risen sharply in the last month.
This is the second time that True Religion has landed in bankruptcy. It last exited from bankruptcy in 2017 in just four months, after shedding over $350 million in debt, closing stores and investing in e-commerce.made some 14,000 pairs$100. However, the company’s jeans have fallen out of favor in recent years amidst increased competition from lower-cost brands like Levi Strauss and Madewell, as well as a boom in athleisure.
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