U.S. denim retailer True Religion Apparel Inc. said today that it filed for bankruptcy protection and signed a restructuring agreement with a majority of its lenders, Reuters reported. True Religion, a company whose denims have gradually fallen out of style, filed for chapter 11 protection in the District of Delaware, and listed assets and liabilities in the range of $100 million to $500 million. The restructuring agreement with lenders, including TowerBrook Capital Partners, will slash the company's debt by over $350 million, it said in a statement. The denim retailer's financial struggles are due in part to consumer tastes shifting toward online shopping and away from the brick-and-mortar shops and department stores where the company's jeans have been primarily sold. True Religion said that it has secured post-petition debtor-in-possession financing from Citizens Bank for up to $60 million.
