Posted: 11 November, 2016
by Sohan Judge
Popular $300m Online Clothing Store Files For Bankruptcy
Things have taken a negative turn for a very popular international online retailer.
Nasty Gal, founded by #GirlBoss Sophia Amoruso, is officially bankrupt. Sophia started the business back in 2006, but stepped down as CEO last year. She has still been heavily involved in the company as Executive Chairwoman.
The LA based company has built a reputation for stocking unique, forward-thinking clothes and accessories featuring loads of lace, leather, tartan, velvet and sparkles. Sophia dished her secrets in a 2014 book #GirlBoss which was a New York Times best seller. She even made the Forbes’ Richest Self Made Women list this year.
Sophia confirmed the bankruptcy at a sold-out event for Business Chicks in Sydney this morning. She teared up, saying the company’s fall from grace has been “wild”.
“I didn’t expect this to happen while I’m here,” Sophia said. “Leading up to a choice like this that a board has to make to fulfil its judiciary responsibilities, there are so many factors – and options on the table.”
As it stands, Nasty Gal will continue to operate but likely will be sold off.