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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRetailer True Religion Brand Jeans filed for Chapter 11 bankruptcy protection Wednesday and requested permission from the federal bankruptcy judge to close 27 of its 140 stores.
The retailer's only store in the Indianapolis area, at the Fashion Mall at Keystone, is not on the list of stores set for closure.
The Los Angeles-based retailer, founded in 2002, designs, markets, distributes and sells clothing and apparel. Company officials said they expect operations to continue uninterrupted during the restructuring.
The company, which is owned by TowerBrook Capital Partners, said Wednesday that its reorganization will trim its debt by more than $350 million. The company also said it secured up to $60 million in financing from Citizens Bank.
Clothing stores that operate largely out of malls have been struck particularly hard in recent years with numerous casualties.
Ascena Retail Group, which owns Ann Taylor, Loft, Lane Bryant, Justice, Catherine’s, Maurice’s and Dress Barn announced last month that it would close at least 250 but possibly up to 650 stores over the next two years.
Earlier this year, Payless ShoeSource filed for bankruptcy protection and The Limited closed all 250 of its remaining stores.
True Religion filed expects its request to be approved by the court in three to four months.
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