Sophia Amoruso’s fashion company Nasty Gal reportedly filing for bankruptcy

Sophia Amoruso

The online clothing retailer Nasty Gal is reportedly filing for bankruptcy in order to restructure after two years of financial troubles.

The company was founded by Sophia Amoruso, the bestselling author of #Girlboss, who is touring Australia with the ticketed Business Chicks event.

Amoruso, 32, is scheduled to speak before a sold-out Sydney breakfast event on Friday, which charges up to $169 for attendees.

Amoruso will “share the good, bad and ugly bits of her business journey”, the event description said.

According to the tech news site Recode, and Fortune, Amoruso – who handed over the role of chief executive last year – will be resigning as executive director of the company as it files for chapter 11 bankruptcy and restructures.

“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,” the chief executive, Sheree Waterson, told Fortune.

“We expect to maintain our high level of customer service and emerge stronger and even better able to deliver the product and experience that our customers expect and that we take pride in bringing to market.”

The company has seen consecutive rounds of job losses over the past two years.

Amoruso founded Nasty Gal at the age of 22 and grew the business into a reported $100m online empire. It recently waded into politics after the then presidential candidate, Donald Trump, called his rival Hillary Clinton a “nasty woman” during a presidential debate.

The retailer temporarily changed its branding and began selling “nasty woman” emblazoned clothing.

[Source:-The Guardian]