ML-Implode News - Pricey jeans maker True Religion files for bankruptcy protection

The Manhattan Beach-based firm, which employs 1,900 people, sells its jeans and other clothing in 140 stores with the True Religion and Last Stitch brand names, and through other boutiques and department stores. The company said it closed 20 of its stores last year to cut costs.
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The company formerly was publicly held, but it went private in 2013 when it was acquired by TowerBrook Capital for $835 million.

Also starting in 2013, True Religion "began experiencing declining sales caused by the general trend of consumers [moving] away from traditional retail to online shopping," Dalibor Snyder, True Religion's chief financial officer, said in a filing with the U.S. Bankruptcy Court in Delaware, where the company filed its Chapter 11 petition.

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Pricey jeans maker True Religion files for bankruptcy protection