Denim maker True Religion files for bankruptcy protection

Denim maker True Religion has filed for Chapter 11 bankruptcy protection, the company announced July 5.
The filing came after the retailer’s owner, private equity firm TowerBrook Capital Partners, signed a deal with lenders, including Goldman Sachs , Waddell & Reed and Farmstead Capital Management, to wipe out $350 million of its $535 million total debt in exchange for about 90 percent of equity, according to the Wall Street Journal. True Religion will operate "without interruption" during the bankruptcy…

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