Beauty giant Morphe to close US stores
After weeks of online speculation by social media users, Morphe has confirmed it will be closing the doors of its US stores.
The beauty giant corroborated reports on Twitter, in a post stating: “We have made the difficult decision to close all Morphe stores in the US. We are forever grateful to our store teams for their passion, talent and dedication over the years.”
The company noted that customers will still be able to shop online and at select retailers, adding that its stores outside of the US will remain open.
Rumours surrounding possible store closures began circulating in December, after TikTok users made claims about last minute closure notices and inventory discounts.
In a statement, a Morphe spokesperson told WWD: “Following a careful evaluation of all aspects of our business, we have made the strategic decision to enhance our focus on the company’s wholesale and e-commerce operations going forward.
“We believe this shift will position Morphe to better compete in the broader beauty landscape and more efficiently reach our customers where and how they shop.”
The decision is linked to Morphe’s parent company Forma Brands, which is continuing to struggle against a difficult backdrop.
Sources close to the conglomerate told the publication back in October that it was considering filing for bankruptcy.
Morphe’s decline from a 2.2 billion dollar valued business, however, can further be tied to the negative impact of covid-19, a series of allegations against partnered influencers and supply chain issues.