Nasty Gal Inc. filed Chapter 11 in the Central District of California on November 9, 2016, estimating 1,000-5,000 creditors and both assets and liabilities in the $10 million-$50 million range. The petition listed major unsecured claims including UPS at $576,950, Olivaeous at $318,816, BNB Footwear at $293,653, Callahan Capital Properties at $289,332, and Fast Fashion Coll INT at $258,761 source filing.

The first-day record framed the case as a going-concern preservation effort for a digitally led fashion retailer: 87% of revenue came from online sales, with two Los Angeles stores, 189 non-insider employees, and a Kentucky fulfillment operation. Management cited a $15 million Hercules first-lien loan, a $5 million Stamos + Johnson unsecured convertible note with a 3x liquidation preference, FY2016 revenue of $77.1 million, negative EBITDA of $15.4 million, and a $25 million going-concern value versus a $10 million liquidation value source filing.