The Wall Street Journal is reporting that Girls Gone Wild, the company behind those late-night commercials promoting softcore porn videos starring college-aged women, has filed for bankruptcy.
The company’s founder, Joe Francis, has apparently filed for bankruptcy to protect his company from gambling debts he accrued in Las Vegas. The filing shows that Wynn Resorts Limited is seeking $2 million in gambling debts Francis owes the casino, as well as $7.5 million in defamation damages awarded after Francis accused the hotel of “deceiving customers.” Overall, $10.3 million is listed in the bankruptcy filing as disputed debt.
The Journal report states that Wynn had recently switched from trying to get the money from Francis to attempting to recover the debt from his companies.
Girls Gone Wild was created in 1997 by Francis and was built on late-night infomercials featuring non-sober young women who appear to spontaneously lift their blouses. The company launched a Girls Gone Wild Magazine and a clothing line in 2008.
For his part, Francis seems unconcerned with either Wynn’s lawyers or his company’s bankruptcy. The multi-millionaire posted a picture of himself to his Twitter account along with the message, “The Rumors of my Death Have Been Greatly Exaggerated.” In the obviously posed photo, Francis can be seen sunbathing in a beachside pool with a cold drink in-hand:
