It's a sign of the times!
On Thursday, Rock & Republic filed for Chapter 11 bankruptcy to "ease pressures on its balance sheet".
However they aren't closing up shop yet. The denim brand is currently seeking court approval for a debtor-in-possession facility of up to $7.5 million.
R&R has also brought on advisors to get them back on track, including Geoffrey D. Lurie who did wonders for The North Face.
Lurie explains the brands strategy saying:
"The pillars of our restructuring strategy include strengthening the Company's financial capacity, realigning its product focus and enhancing its operational execution. Toward that end, we are exploring financial relationships that can provide the resources to support our near-term capital needs and long-term growth objectives, and we are serious about satisfying outstanding financial obligations. At the same time, we will be sharpening our product focus to emphasize the core apparel and footwear businesses that have been the foundation of Rock & Republic's brand reputation, while seeking alternatives for ancillary product lines."
Here's an idea: stop hawking ridiculously priced jeans! Not everyone can afford those right now!
[Image via Getty Images.]
Tags: banckruptcy, chapter 11, denim, jeans, rock and republic