Beauty Brands Files for Chapter 11 Bankruptcy, Will Close Nearly Half Its Stores
Beauty Brands has filed for Chapter 11 bankruptcy and entered into an asset purchase agreement with Hilco Merchant Resources. The company announced it would close 25 of its 58 stores and cut its corporate footprint. It also said its remaining 33 stores would continue to operate as its searches for someone to purchase its operating assets.
The retailer owes $6.9 million on a secured loan and $11 million in unsecured debt to suppliers and landlords, according to the documents.
Read more at Retail Dive.