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04-18-2010, 02:24 AM #1
Rock & Republic files for bankruptcy
Rock & Republic files for Ch. 11 reorganization - BusinessWeek
"Rock & Republic, the once-hot denim fashion brand known for its $200 jeans, filed for Chapter 11 bankruptcy protection Friday.
The company, whose products are sold at upscale stores such as Bergdorf Goodman, Bloomingdale's and Nordstrom, said it will continue to operate its business under court protection from creditors, while seeking to develop a reorganization plan.
It filed the bankruptcy petition in the U.S. Bankruptcy Court in the Southern District of New York.
Rock & Republic burst on the scene in 2002 to capitalize on consumers' burgeoning appetite for pricey jeans, but started to see sales cool off last year along with other makers of expensive denim as recession-weary shoppers got sticker shock.
In response, Rock & Republic began shipping a new Recession Collection a year ago that ran about half the usual $200 price tag for its jeans.
Rock & Republic said it named Geoffrey D. Lurie, who had led the turnaround at outdoor clothier The North Face to be its chief restructuring officer. That move would free up company founder and CEO Michael Ball to focus on product development.
Rock & Republic, based in Los Angeles, said that it had received a commitment of up to $7.5 million in financing from CIT Group/Commercial Services Inc.
The financing is subject to bankruptcy court approval and other conditions. The company has hired investment banking firm Atlas Strategic Advisors LLC to explore long-term financial partnerships."
Rock & Republic Files for Bankruptcy Protection - StyleList
Rock & Republic files for bankruptcy protection - latimes.comBMW///M5
04-18-2010, 02:29 AM #2Extra Mustard
- Join Date
- May 2008
im NOT and i told you so kind of guy
i def saw this coming . . .
04-18-2010, 02:29 AM #3
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04-18-2010, 03:37 AM #4
maybe this is why true religion stock dropped a little bitCurrent
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"Could be a crackhead, that got hold to the wrong stuff."
04-18-2010, 03:44 AM #5
Hmmm... bummer for their creditors. You guys think they will survive in this economy or is a Chapter 7 next?
04-18-2010, 04:55 AM #6
good thing is there jeans will be at a blowout prices
04-18-2010, 05:31 AM #7
04-18-2010, 06:56 AM #8
I never bought a pair
you might see me with expensive watches or shoes.. but never jeans..lol
04-18-2010, 07:51 AM #9
^^^To be honest I never saw the point to get anything beyond say Banana after I got out of the baggy Guess and such phase, but then I picked up a pair of 7s and realized that they really do just fit so much better, and the quality and detail were much better than what I was wearing. Same holds true for the other high end demin brands (true religion, R&R, diesel, etc.). Have purchased a bunch more since, although I will say I am not a fan of the pricetag (usually get them at Saks off 5th or NM last call to save a bit).
I am hoping to get some Keinejads...if my email is ever answered'09 E93 M3 - Dropped with RPI Full GT Race
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04-18-2010, 08:25 AM #10