Nasty Gal files for bankruptcy
Nasty Gal - the LA-based online retailer of fashion, shoes, accessories and beauty that founded in 2006 and recognised as a pioneer in the e-commerce movement and is today available in 180 countries has filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code.
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.
Founder Sophia Amoruso was resigning as the company’s executive chairwoman . “They need to reinvent themselves a little bit, continue to interest their core audience without losing it and find economies so that it’s a sustainable business model.” , She said
Nasty Gal is facing an increasingly crowded retail landscape especially with fast-fashion competitors such as Forever 21 and H&M and the brand has been looking into “strategic partnerships with other strong brands” and will continue doing so throughout its restructuring process.