Carol’s Daughter Files Bankruptcy
Companies affiliated with the line of beauty products branded Carol’s Daughter have gone bankrupt. On Thursday Carol’s Daughter filed for Chapter 11 bankruptcy protection after the brand moved to close most of its stores. The court papers filed, signed by Carol’s Daughter Chief Financial Officer John D. Elmer, stated most of Carol’s Daughter stores have been unprofitable since 2010.
Prior to filing bankruptcy the company terminated 29 employees and closed five of its seven stores. The stores which have remained open are in Brooklyn and Harlem. Mr. Elmer said the company hopes to use its time in bankruptcy to consolidate and reorganize operations for its remaining stores. In addition to the Brooklyn and Harlem locations Carol’s Daughter has products for sale on its website and outlets such as Sephora, Macy’s, Target and the Home Shopping Network.
This is not the first time the creator of the brand has faced bankruptcy. By the age of 28 Lisa Price was forced to declare … click HERE to continue reading
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