It’s been one hell of a week for Nasty Gal founder Sophia Amoruso.
At 32 years old, Amoruso ranks higher than Beyoncé on Forbes’ Richest Self-Made Women list and is fast becoming a household name thanks to her internationally best-selling book, #GIRLBOSS.
She’s currently on a whirlwind tour of Australia, speaking at Business Chicks events in Brisbane, Melbourne and Sydney, where audience members payed $169 a head to hear “the good, bad and ugly bits” of Amoruso’s journey through the e-commerce world. However, yesterday news broke that Nasty Gal is filing for bankruptcy.
The timing is impeccable. No one could have predicted this, not even Amoruso. "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 fulfil 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.”
Amoruso implied that things took a turn for the worst when Nasty Gal took on investors. "I think we should run our own businesses. Nasty Gal was profitable until we took investor money. When women are in control of their own businesses, they can scale and grow thoughtfully."
"For my first business... I got really far," she continued, fighting back tears. The crowd cheered Amoruso’s honest admission – which you would expect from an event that champions women supporting women.
At this point, it appears that the future of Nasty Gal is up in the air.