If there’s one thing that is very close to my heart it would have to be internet shopping. From a small five dollar bargain to a bigger investment purchase, you really can’t go past a good online store when it comes to getting good products at a good price.
To the dismay of online shopping gals all over the world, one of our favourite online stores, Nasty Gal, has announced that it has filed for bankruptcy.
Founded by 32-year-old Sophia Amoruso, Nasty Gal quickly grew to be one of the most popular online stores on the internet. Ranking higher than Beyoncé on Forbes’ Richest Self-Made Women list and a best-selling international author of book, #GIRLBOSS, Amoruso is well respected in the internal business world.
Speaking at a women’s business event in Sydney this morning, Amoruso addressed the audience with tears in her eyes and admitted that this was an event that came faster than expected.
“I didn’t expect this to happen while I’m here,” she told the audience at this morning’s Sydney event. “Leading up to a choice like this that a board has to make to fulfill its judiciary responsibilities, there are so many factors – and options on the table.”
“Many were considered… and ultimately what was crazy is that filing a Chapter 11… it’s actually the most responsible thing to do right now, which is just like a bonkers thing to actually consider. As it stands, what happened yesterday actually allows us to continue operating and to provide some relief and a moment of pause as we get out of things, like a 500,000 square-foot lease in Kentucky.”
According to Amoruso, the previously prosperous business began to go downhill when investors came on board. “I think we should run our own businesses,” she explained. “Nasty Gal was profitable until we took investor money. When women are in control of their own businesses, they can scale and grow thoughtfully.”
While Amoruso is upset at the outcome, she maintains that she is proud of what she has achieved. “For my first business… I got really far,” she concluded, on the verge of tears.
And my guess is that internet shoppers all over the world will also be on the verge of tears right now. *sigh*