Los Angeles-based women’s clothing retailer Nasty Gal Inc. has filed for Chapter 11 bankruptcy protection.
Chief Executive Sheree Waterson said the move will help the company address “immediate liquidity issues,” as well as restructure its balance sheet and correct “structural issues” such as high occupancy costs.
“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,” she said in a statement Wednesday.
Nasty Gal estimated both its assets and its liabilities at between $10 million and $50 million in its filing Wednesday with the U.S. Bankruptcy Court for the Central District of California.
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