New York yoga wear brand YogaSmoga filed a bankruptcy protection application with the Manhattan Bankruptcy Court on Monday. On November 14, the company's six creditors (including the largest investor) filed an involuntary Chapter 11 bankruptcy protection application with the court. The creditors are: Durga Capital LLC, The RaviSingh 2015 Family Trust, JonThomas Moore, Ryan James Moore, Jeffrey Stevens Moore and Lori Lynne Walsh, with unsecured debt totaling $2.5 million. Ravi Singh, a managing member of Durga Capital LLC, also held $200,000 in unsecured claims through family trusts in 2015. Yoga brand Therefore, YogaSmoga is actually forced to file for bankruptcy protection. It is estimated that the number of creditors in YogaSmoga is between 50 and 99, and the amount claimed by each creditor is between $1 million and $10 million. YogaSmoga was founded in 2013 by RishiBali (pictured below) and sister TapasyaBali from the Indian Himalayas. Under the influence of the Indian yoga tradition, the brothers and sisters practiced yoga together with family and friends since childhood. Both were former financial figures, Rishi worked for Goldman Sachs Group and Tapasya worked for Credit Suisse Group. RaviSingh said in a bankruptcy protection application statement that he is one of the major shareholders of YogaSmoga and one of the creditors. From August 30, 2013 to November 14, 2016, RaviSingh was one of the three board members of the company. The other two directors were the brothers and sisters of Bali. Court documents show that RaviSingh is both a director and a shareholder, so he contributed $89,473 to pay his own salary. Of the maximum 25 debts of YogaSmoga listed in the bankruptcy protection application, the amounts claimed by the DurgaCapital and RaviSingh family trusts are disputed. The amount claimed by several other creditors is also controversial. Another creditor, SeanGallagher, is also in dispute with a $500,000 unsecured claim. Most of the other creditors are landlords, claiming unpaid rent and store rent. YogaSmoga's previous positioning is comparable to the Canadian yoga clothing brand Lululemon, which belongs to the high-end yoga wear brand. The production of branded products is all in the United States, so that the brothers can better control every link of the supply chain and ensure product quality. The brand has cooperated with Invista, a well-known American fiber supplier, to launch YogaSmoga special fabrics: such as Aurum (titanium), this fabric uses nanotechnology, the fabric gap has the advantages of moisture wicking and antibacterial. The average price of yoga clothes is $99, and the price of Lululemon is $89. In 2013, Yogasmoga yoga clothing was first sold online, and it is said that it was robbed in three weeks. In 2014, the brand opened two stores, adding 10 new ones this year (including the first store in Manhattan). In September 2015, Rishi revealed in an interview with the US website WWD that the online sales of the brand accounted for 25% to 30% of the total sales revenue. He said at the time that YogaSmoga will cooperate with the Four Seasons Hotel and high-end yoga studios such as Yogaworks. Last year, YogaSmoga raised $6.5 million in Series B financing and as of March 2015, the valuation reached $74 million. Zhejiang Longsheng is involved in real estate, and its net profit may reach 21.2 billion yuan beyond the main business of printing and dyeing! Faux Leather for contract, contract vinyl, pvc leather for contract Contract Vinyl,Contract Vinyl For Seats,Synthetic Leather For Contract,Artfical Leather For Contract Vigor Plus Co., Ltd , https://www.vigorplusx.com