True Religion (clothing brand)

True Religion
Private
Industry Clothing
Founded December 2002
Founders Kym Gold, Jeff Lubell
Headquarters Manhattan Beach, California, U.S.
Area served
 Worldwide
Key people
 John Ermatinger
(Chairman & CEO)
Revenue Increase US$419.8 million (2011)
Increase US$44.97 million (2011)
Total assets Increase US$295.88 million (2010)
Total equity Increase US$249.03 million (2010)
Number of employees
 50 (December 2011)
Website www.truereligion.com

True Religion Brand Jeans is a North American clothing company established in December 2002 by Jeff Lubell and Kym Gold and based in Vernon, California.

True Religion Brand Jeans focus on premium denim, some of which is made in the United States. In 2009 True Religion was sold in around 900 boutiques and specialty stores in 50 countries on six continents.[1] The flagship store opened in 2005 in Manhattan Beach, California. True Religion products are also sold at major department stores like Von Maur, Nordstrom, Bloomingdales, Saks Fifth Avenue, as well as a handful of others.[2] The brand has had to close stores as it goes through bankruptcy restructuring.

Acquisition

True Religion was purchased by TowerBrook Capital Partners on May 10, 2013. That provided shareholders a 52% premium to True Religion's share price on October 9, 2012, the day before the company announced it was exploring strategic alternatives.[3] The stock had fallen 40% in 2012 up to October 9, 2012, due to a poor Christmas period in 2011 and worries that a shrinking number of shoppers were willing to purchase True Religion's high-priced jeans.[4] Forbes also noted that over the prior three years, True Religion shares had gained just 11.6% while shares in comparable luxury-goods companies VF Corporation, Ralph Lauren Corporation, and PVH Corp. had all more than doubled in value during the period.[4]

Prior to the purchase, True Religion traded on NASDAQ under the symbol TRLG.

Bankruptcy

True Religion filed for bankruptcy protection on July 5, 2017, after acknowledging they had $534.7 million worth of liabilities but only $243.3 million in assets.[5]

As a result of this filing, True Religion also announced the closure of 27 stores in the United States.[6]

References

  1. ↑ "True Religion Apparel, Inc." Archived 2009-02-26 at the Wayback Machine.. Annual Reports. December 10, 2009.
  2. ↑ "Store Locator". Retrieved June 19, 2013.
  3. ↑ "PE Purchase". Retrieved January 8, 2014.
  4. 1 2 "When A Bullish Bet On True Religion Paid Off With A 24% Return". Forbes. 10 May 2013. Retrieved 10 September 2014.
  5. ↑ Wattles, Jackie (July 5, 2017). "True Religion files for bankruptcy". money.cnn.com. Retrieved July 17, 2018.
  6. ↑ Nathan Bomey; Sophia Tulp; Kellie Ell (July 5, 2017). "True Religion to close 27 stores after bankruptcy filing: See the list". USA Today. Retrieved July 17, 2018.

See also

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