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True Religion files for bankruptcy protection

Reuters 07/05/2017

True Religion Apparel has filed for Chapter 11 with a plan that will give its lenders most of the equity in the reorganized company in exchange for lowering its debt to $140 million from $350 million. True Religion’s owner, TowerBrook Capital Partners, has approved the company’s plan, which calls for it to close 27 stores and emerge from bankruptcy protection in about four months.

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