True Religion had been on the watch list of some credit ratings agencies, which cited its high debt levels as a significant pressure on its balance sheet. Back in September 2016, Fitch Ratings cited seven U.S. retailers with significant default risk through 2018. These included Sears Holdings Corp.; Claire's Stores; True Religion ; 99 Cents Only Stores; Nebraska Book Co.; Nine West Holdings, and Rue21 Inc. Of the firms cited, True Religion and Nine West are primarily wholesalers, even though they have enough stores to be considered "retail" operators.