Carol’s Daughter is going through tough financial times. The beauty brand filed for Chapter 11 bankruptcy protection this week, in connection with plans to close at least five of its seven stores.
According to The Wall Street Journal, “court papers show that CD Stores is 100% owned by parent company Carol’s Daughter Holdings LLC (the parent company didn’t file for bankruptcy). And the petition, which reported assets and debts each in the $1 million to $10 million range, was signed by Carol’s Daughter Chief Financial Officer John D. Elmer.”
The company filed the petition in a Manhattan bankruptcy court Thursday. Elmer said the hair, body and skincare company (one of the first to cater to the natural hair community) has not been unprofitable since 2010. Executives hope to “use its time in Chapter 11 to reorganize and consolidate its operations around its two open stores, in Brooklyn and Harlem.”
Celebrity ambassadors for the brand have included Solange Knowles, Cassie and Selita Ebanks. Will Smith, Jada Pinkett Smith and Jay Z have also promoted the line, founded by Lisa Price (photo above) in 1993.
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