November 11, 2016
#GirlBoss Sophia Amoruso’s Nasty Gal Inc. has filed for Chapter 11 bankruptcy protection to address “immediate liquidity issues” and high occupancy costs, and to restructure its balance sheet.
The company began in 2006 on eBay, as Amoruso sold her vintage clothing, and quickly exploded into an e-commerce giant that then progressed to two storefronts in Los Angeles. Nasty Gal estimates that both its assets and liabilities are between $10 and $50 million.
It has been reported, but not confirmed, that Sophia Amoruso is also stepping down as the executive chairwoman. She had previously stepped down as CEO, with Sheree Waterson filling the position.
While the company restructures, it will continue to seek the right partners, and its daily operations will go unchanged.
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