![]() ![]() "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," Sheree Waterson, Nasty Gal's chief executive officer, said in a statement. Amoruso, the de facto face of the brand, will be resigning from her position as executive chairman, according to Recode - a role she assumed after stepping down as CEO in early 2015. According to WWD, the decision reportedly came out of an October 24 meeting, where the company's board voted to seek Chapter 11 protection. The retailer, which just celebrated a decade in the business, petitioned a court in California with the motion on Wednesday. ![]() This story was originally published on November 10, 2016.Īs if it hasn't been a tough enough week for #girlbosses, fashion-favorite brand Nasty Gal (its founder, Sophia Amoruso, coined the popular hashtag) is filing for bankruptcy, WWDreports. ![]()
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