After several years of featuring women exposed from top to bottom, 'Girls Gone Wild' has gone bankrupt. The organization filed for Chapter 11 bankruptcy on Wednesday (February 27), citing more than $15 million in debt to various establishments.
Much of that debt was racked up when former owner Joe Francis made statements about Wynn Resorts owner Steve Wynn. Steve was awarded $7.5 million for defamation of character and got more money when Joe falsely claimed that the hotel owner threatened to kill him over gambling debts. Francis racked up thousands in gambling debt while serving as CEO of 'Girls Gone Wild,' some of which the franchise is now forced to reconcile with.
Joe Francis introduced his idea of filming women at their wildest moments in 1997. The concept has since turned into a large franchise that features a website with blog and products to go around. To date, 'Girls Gone Wild' has produced over 80 films of women in party mode and has earned over $100 million in profit.
Francis was born on April 1, 1973 in Atlanta, Georgia. The entrepreneur was raised in Laguna Beach, and will be 40-years-old this year.
Source: Associated Press
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