If you’re a big fan of whipping out ya’ belly button, we’ve got some unsettling news for you – things are looking a bit rough over at online store Nasty Gal.
While it’s all still hearsay at the moment, sources “close to the situation” are saying that the LA-based online retailer has filed for Chapter 11 bankruptcy protection.
Don’t worry, I have no idea what that means either, so I’ve taken the liberty of finding a definition for y’all:
Founder Sophia Amoruso – who started the successful venture with a vintage obsession, laptop and eBay store back in ’06 – is also believed to be resigning as the company’s Executive Chairwoman (after stepping down as CEO last year), which she will apparently tell her employees today before filing publicly.
The LA-based company – known for decking girls out in lace, leather, tartan, velvet, platforms and more (think Spice Girls meets Courtney Love) – has had a turbulent coupl’a years. Notable mentions include the release of Amoruso’s 2014 book #GirlBoss – a New York Times bestseller which now has a podcast, website, conference and TV show coming to Netflix (Charlize Theron is an exec producer), as well as making Forbes‘ Richest Self Made Women List this year. She just released another followup called Nasty Galaxy as well, which is more coffee table styling than a solid read.
However, there are other events which haven’t been so peachy, like the employee layoffs earlier this year whereby Nasty Gal made a 10% cut, as well as multiple discriminatory lawsuits filed by former staff.
What the bankruptcy protection will mean for the company is still up in the air – could be culling of stores (they’ve got two boutiques in addition to their digital enterprise) or warehouse distributors, could be more staff cuts, could be a sale of the business.
We’re hopeful for tartan-hugging, leopard-wearing, honk if you love leather people everywhere.