Clothing giant Tommy Hilfiger revealed in the September 23 issue of Forbes magazine how the pitfalls of poor business decisions resulted in bankruptcy early on in his career. It was through these lessons that he learned how to be a savvy businessman, which resulted in the global success that he is today.
His journey in the retail industry began his senior year in high school selling jeans. His jeans’ initial ascent into mainstream popularity resulted in the opening of his first store, and led him subsequently to make the decision not to attend college. He believed that his own real world experience could substitute for a college education. He then proceeded to grow his brand, open multiple locations and focus his energy entirely on the creative aspect of the company.
This rapid overexpansion and his fast paced lifestyle distracted him from day to day operations and his business suffered because of it. His accountant informed him of his financial troubles and advised him to file Chapter 11 because he could not pay back his loans. After doing so, he forced himself to learn the financial aspect of his business and since then, has never looked back. His brand earns between $5 billion and $6 billion dollars in over 1,200 stores worldwide.
If you are suffering shortfalls because of your business practices or need guidance on restructuring your business after filing bankruptcy, contact our expert CPAs in McAllen of Gonzalez & Arrambide, Inc. at 956-447-9009.