Premium denim brand True Religion was forced to put itself in play following “indications of interest” from third parties. The firm has formed a special committee consisting of nonmanagement directors to explore its strategic alternatives.
This story first appeared in the October 11, 2012 issue of WWD. Subscribe Today.
The Vernon, Calif.-based firm has hired Guggenheim Securities as its financial advisor. The evaluation process is still in the early stages and there is no guarantee there will be a sale of the firm.
Sources familiar with the expressions of interest received by True Religion said the offers are credible, and noted that the valuations are “compelling” and “substantial.”
While no timetable has been set, it is believed that the evaluation process will be completed in a matter of a few months.