Beauty Brands Administratively Insolvent, Converted To Ch. 7
Law360, Wilmington (February 25, 2019, 10:04 PM EST) -- A judge ordered Monday that cosmetics retailer Beauty Brands LLC’s bankruptcy be converted to a Chapter 7 after the sale of 23 stores and closing sales at other stores brought in less revenue than anticipated and left the estate administratively insolvent.
During a hearing in Wilmington, Beauty Brands told U.S. Bankruptcy Judge Christopher S. Sontchi the estate had hoped to remain solvent through most of March, but insufficient gains from 23 stores sold to Absolute Beauty LLC and lower-than-expected revenue through liquidation sales at about 23 others led the company to join a request filed by the Office of the U.S. Trustee on...
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