Deltabrook Capital Partners LP, a private equity fund company that acquired True Religion Apparel Inc. for $ 824 million in 2013, thought the deal would yield gains in the niche market, but unexpectedly, the global high-end retail market slowed down or even stagnated , The cowboy industry is also a positive trend in the world of sports, and True Religion Apparel Inc.’s main distribution channel department store industry is the more downturn, the fund companies can only lament the traitor is untimely.
According to Moody’s Investors Service Inc. Moody’s data, True Religion Apparel Inc. sold only $ 408 million in the first two months of August 2, 2015, and fell sharply after the acquisition of Towerbrook Capital Partners LP. Moody’s said the company’s total debt was about $ 454 million and was facing high risk of debt default or discount settlement.
Reporters informed Reuters that Kirkland & Ellis LLP’s debt restructuring measures included filing or bankruptcy negotiations, but True Religion Apparel Inc. has yet to make a decision.
In April this year, Towerbrook Capital Partners LP has begun to contact consultants Maeva Group LLC for True Religion Apparel Inc. continued decline in sales to find a way out. Maeva Group LLC was founded by former fund manager Harry Wilson, who helped bankruptcy electronics retailer RadioShack Corp. revive and is a member of the US government working group of the General Motors Company (NYSE: GM) General Motors bankruptcy reorganization one.