Is True Religion a Lead?
Steve’s breakdown: After less than four months, True Religion Brand Jeans has emerged from Chapter 11 bankruptcy. Clearly the type of pitch these folks would listen to would have to involve a ripple-effect. If that’s your bag, you could be gaining a jean brand. John Ermatinger is the CEO and the number is 323-266-3072.
VERNON, CA: The retailer emerged, following negotiations with its key stakeholders, under a reorganization plan that reduced the company’s nearly $500 million debt through a debt-for-equity swap.
The plan allows the California-based denim company to greatly de-leverage its balance sheet, reducing its term loans from $471 million to $113.5 million upon emergence and extending its debt maturities to 2022. Debt service each year will be substantially reduced, clearing the way for continued investment and company growth.
“With substantial debt burden removed, we are eager to turn our full attention to implementing our forward-thinking strategy, including improving our retail operations, new partnerships and growing the brand’s digital presence,” said John Ermatinger, CEO. “With the consummation of this restructure, we are very excited and poised for the future.”