Bankruptcy news and archive

Tomia Beauty, parent of TréStique, files for bankruptcy

Tomia Beauty ,the parent company of colour cosmetics brand TréStique, has filed for bankruptcy in a New Jersey court following the revelation of an ongoing dispute between the founders. Court documents linked to the case suggested that there was friction between Jennifer Kapahi and Jack Bensason, the duo that founded TréStique in 2015. The legal...

Business

Bed Bath & Beyond falls into bankruptcy, begins to wind down business

Bed Bath & Beyond has filed voluntary petitions for relief under Chapter 11 in a US bankruptcy court as it begins to wind down its business, as outlined in a release. The company did note that its 360 Bed Bath & Beyond stores, its 120 Buybuy Baby stores and its websites will continue to operate and serve customers while the process to close down...

Business

Revlon set to exit bankruptcy with 2.7 billion dollar debt reduction

Makeup firm Revlon has reached an agreement with a US judge that could see it exit from bankruptcy later this month. The company initially filed for Chapter 11 protection in a US bankruptcy court on June 15, 2022, allowing it to strategically reorganise its legacy capital structure with the goal of improving its long-term outlook. The filing,...

Business |Background

Scotch & Soda's bankruptcy: what preceded it?

On March 20, Dutch fashion retailer Scotch & Soda reported that it had filed for bankruptcy for its Dutch operations, after which the company was also declared bankrupt. It is a result of "severe cash flow problems" due to the lockdown imposed during the Covid-19 restrictions in The Netherlands and the energy crisis and high inflation that...

BusinessFeatured

Scotch & Soda files for bankruptcy for Dutch operations amid 'severe cash flow issues'

Fashion retailer Scotch & Soda has filed for bankruptcy for its Dutch operations following “a chain of events that accelerated severe cash flow issues”. The company said in a LinkedIn post that the pandemic combined with high inflation forced it to declare bankruptcy in the Netherlands despite reporting record sales of 342.5 million euros in...

Business

Beauty giant Revlon swings to Q4 loss

US beauty giant Revlon swung to a loss in the fourth quarter of the year as its revenue fell 4.1 percent. In the quarter ended December 31, the company made a net loss of 178.5 million dollars compared to a profit of 9.9 million dollars in the prior-year period, which it said was primarily due to 172.7 million dollars in charges linked to its...

BusinessFeatured

Morphe parent company Forma Brands files for bankruptcy, agrees to acquisition

Forma Brands, the parent company of beauty giant Morphe, has announced the initiation of voluntary Chapter 11 proceedings in the US Bankruptcy Court, as well as the decision to accept an acquisition deal. In a release, the firm said its holding company FB Debt Financing Guarantor has entered into a definitive asset purchase agreement with a...

Business

Bed Bath & Beyond report falling sales following bankruptcy warning

Following an initial warning that the company had been weighing bankruptcy, Bed Bath & Beyond published its financial statement for Q3 2022, with a loss in net sales starkly prominent among the results. The lifestyle retailer said its net sales of 1.259 billion dollars declined 33 percent, citing its lower in-stock position and decrease in...

BusinessFeatured

Kings of Indigo secures new owner

The Dutch clothing label Kings of Indigo has a new owner. The brand is making a new start with the German entrepreneurial duo Kathrin and Sebastian Proft, Mariska Stolwijk confirmed over the phone with FashionUnited. Stolwijk, who was previously responsible for product development at Kings of Indigo, will become general manager of the company in...

Business

Kings of Indigo files for bankruptcy after failing to secure refinancing round

Denim brand Kings of Indigo (KOI) has announced that it has filed for bankruptcy after it said it was not possible to realise a new investment round in time. In a letter from its shareholders, the company said that it had not succeeded in arranging a refinancing in recent months, with it now preparing to look towards ways of continuing its...

Business

Revlon considers sale offers amid bankruptcy

Struggling beauty giant Revlon is reportedly considering a sale offer, its bankruptcy attorneys told the US Bankruptcy Court for the Southern District of New York last week. It comes as the cosmetics company explores ways to exit from its Chapter 11 filing as quickly as possible, with it now said to be engaging with possible buyers. According to...

Business

Revlon receives approval for 1.4 billion dollar bankruptcy loan

Revlon has received permission from a US bankruptcy judge to proceed with a 1.4 billion dollar loan. The ruling comes despite junior creditors’ objections to the loan, each of which argued that its terms could deter any possibility of recovering anything from the company’s bankruptcy. Manhattan-based judge David Jones ordered modifications to...