As increasingly gay and creepy clothing label Calvin Klein turns its usual Pride month promotions into a response to the coronavirus pandemic, the company that licenses the fashion label has filed for bankruptcy.
According to Retaildive, Brand collective Centric Brands on May 2 said it filed under Chapter 11 at the U.S. Bankruptcy Court for the Southern District of New York in White Plains. The company entered into a restructuring support agreement with “substantially all” of its secured lenders, led by funds managed by Blackstone, Ares Management Corp. and HPS Investment Partners.
Softening demand for clothing during the outbreak and subsequent lockdowns of employers and retailers are being blamed, although Calvin Klein in particular has long been known for its homoerotic, androgenous, bordering-on-pedophilic photo advertising campaigns.
In recognition of the pandemic, Calvin Klein had recently partnered with OutRight Action International on their COVID-19 LGBTIQ Global Emergency Fund, offering financial support to LGBTQ groups worldwide who are serving people impacted by COVID-19, reported the New York Post.
The underwear-and-more firm also recently launched #ProudInMyCalvins, a celebration of transgenderism, homosexuality, drag queens, and other various weird departures portrayed in photos and videos, for those who base their fashion decisions on sexual practices.