The Lycra Company, a clothing pioneer known as the founder of Spanx and shapewear, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas on March 17, 2026. The company, which was sold by Invista Koch Industries to China’s Shandongi in 2019 for about $26 billion, entered a pre-packaged Chapter 11 restructuring supported by a majority of creditors. The restructuring plan will eliminate about $1.2 billion in long-term debt and support operations. The LycRA Company became a Chinese-owned brand in 2019.