Nasty Gal, named the fastest growing startup by Inc. Magazine in 2012, plans to file for bankruptcy, according to a report in recode. The company raised $49 million from Index Ventures in 2012.
The application is similar to the civil rehabilitation law in Japan, which is called Article 11 of the US Federal Bankruptcy Code, and aims to reconstruct management while continuing the business.
Founder Sophia Amoruso is stepping down as executive chairman, according to a source familiar with the situation. Nasty Gal was founded in 2006 when she was just 22 years old. Originally opened as a vintage shop on eBay.
After that, it gained support mainly from young women and grew into a $100 million company based in Los Angeles. In addition, her book "#Girlboss", which was translated into Japanese, became a New York Times bestseller and became a charismatic figure.
But if you've been following the Nasty Gal news for the past year or two, this result shouldn't come as a surprise. It's the second year in a row that the company has laid off employees, the CEO has been replaced, and former employees have been sued in multiple lawsuits.
L.A.'s tourist attraction Third Street Promenade may lose its splendid store, and there may be more layoffs, but the specific measures are still undecided.
via.
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