True Religion Brand Jeans is an American clothing company established in December 2002 by Jeff Lubell and Kym Gold and based Vernon, California.
True Religion Brand Jeans focus on premium denim, some of which is made in America. In 2009 True Religion was sold in around 900 boutiques and specialty stores in 50 countries on six continents. The flagship store opened in 2005 in Manhattan Beach, California. True Religion products are also sold at major department stores like Von Maur, Nordstrom, Bloomingdales, Saks Fifth Avenue, as well as a handful of others. The brand has had to close stores as it goes through bankruptcy restructuring.
Video True Religion (clothing brand)
Acquisition
True Religion was purchased by TowerBrook Capital Partners on May 10, 2013. That provided shareholders a 52% premium to True Religion's share price on October 9, 2012, the day before the company announced it was exploring strategic alternatives. The stock had fallen 40% in 2012 up to October 9, 2012, due to a poor Christmas period in 2011 and worries that a shrinking number of shoppers were willing to purchase True Religion's high priced jeans. Forbes also noted that over the prior three years, True Religion shares had gained just 11.6% while shares in comparable luxury-goods companies VF Corporation, Ralph Lauren Corporation, and PVH Corp. had all more than doubled in value during the period.
Prior to the purchase, True Religion traded on NASDAQ under the symbol TRLG.
Maps True Religion (clothing brand)
Bankruptcy
The designer jeans maker filed for bankruptcy protection on July 5, 2017, asking for a chance to reinvent itself as it grapples with hundreds of millions of dollars worth of debt and declining sales. According to court documents, the company had $534.7 million worth of liabilities on its books, but only $243.3 million in assets.
True Religion announced the closure of 27 stores in the United States in 2017.
References
See also
- Retail apocalypse
External links
- Official website
- True Religion Apparel, Inc. financials
- How True Religion Jeans Got Started
Source of article : Wikipedia
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