'Girls' Gone Under: Empire Built on Young Women Revealing Their Breasts Files for Bankruptcy NY Post
A video empire built on the idea that people will pay to see college women and other young women bare their breasts has filed for bankruptcy. The New York Post reports that “Girls Gone Wild” founder Joe Francis put his company into bankruptcy, as the firm struggles with $16 million in debt, most of it owed to casino owner Steve Wynn.
Wynn claims Francis owes him closer to $30 million, including $2 million for unpaid gambling debts and $7.5 million in defamation damages, the story notes. The defamation awards, won via the courts, weren’t listed in the company's Chapter 11 filing, the story notes.
Francis, 39, built his video empire by convincing young women to flash for the cameras. The company now has less than $50,000 in assets, according to the bankruptcy filing.
A spokesman for Wynn Las Vegas said the defamation judgments are for Francis personally, and the company will still make efforts to collect, the story adds.