Nasty Gal Seeks to Keep Its Business Running
The online retailer is asking for court approval to tap a loan.
Following news that Nasty Gal has officially filed for bankruptcy, the online retailer now seeks court approval to tap a loan from a lender so as to keep the business running. According to sources, Nasty Gal is looking to receive a loan from Hercules Technology Growth Capital Inc. in order to be able to make its next payroll on November 25.
In addition to the $512,000 USD that the company has to pay across its 189 employees, Nasty Gal also needs approximately $400,000 USD to cover its weekly expenses on merchandise for its online and physical stores. Without court approval for the use of cash, the company will probably be forced to stop its operations, leading to a liquidation that would possibly generate about $10 million USD.
Stay with us for further updates on Nasty Gal’s bankruptcy case.