Girls Gone Wild has filed for bankruptcy. On Feb. 28, Us Weekly reported that Joe Francis' company is over $16 million on debt and they filed for Chapter 11 on Wed. in Calif. The company -- famous for getting girls to flash cameras while on spring break -- vows to move forward despite its financial woes.
"The only reason Girls Gone Wild has elected to file for this reorganization is to re-structure its frivolous and burdensome legal affairs. This Chapter 11 filing will not affect any of Girls Gone Wild's domestic or international operations. Just like American Airlines and General Motors, it will be business as usual for Girls Gone Wild," the company said in a statement (via Us Weekly reported).
The Girls Gone Wild bankruptcy came as a bit of shock to many people who thought that Joe Francis had things completely under control. Last year, however, Francis lost in a lawsuit battle with Steve Wynn and he had to pay up serious amounts of money -- enough to make a guy go to the poor house.
Regardless, the bankruptcy filing isn't a good sign and while Francis says he's going to move forward with the company, this could be just the beginning of his problems. Many people believe that Francis just acts like he has it all... but he really doesn't have a clue.
Will the Girls Gone Wild bankruptcy cause the company to eventually go under?
© Effie Orfanides 2013
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