@nastygal
Nasty Gal, the brand that famously coined the term #girlboss, recently filed for bankruptcy.
Following the announcment, Sophia Amuroso, founder and previous CEO of the company, decided to resign from her position as executive chairman. This news comes as a surprise to many as the company just celebrated its tenth year in business and their recent success in sales with their “Nasty Woman” apparel.
“Our decision to initiate a court-supervised restructuring will enable us to address our immediate liquidity issues, restructure our balance sheet, and correct structural issues including reducing our high occupancy costs and restoring compliance with our debt covenants,” said Sheree Waterson, Nasty Gal’s chief executive officer.
Although Amoruso had some great accomplishments this year (she released her second book and her life story is being turned into a Netflix series), Nasty Gal has been going through some bumps as they laid off 10% of its staff in February and multiple reports were released about the company’s negative work culture.
Nasty Gal will be going through a restructuring process, and an official statement assured customers that their online shopping experience wouldn’t be affected. However, there isn’t yet any information regarding the Santa Monica and Los Angeles storefronts.
What are your thoughts on this? Weigh in on the comments below!
xx, The FabFitFun Team
