“Carol’s Daughter” Files For Bankruptcy!
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What started in a Brooklyn home kitchen by entrepreneur, Lisa Price has become a world renowned brand for African-American natural hair care. Carol’s Daughter has now also filed for Chapter 11 Bankruptcy. How can a famous brand with investors like Will and Jada Smith and Jay Z be able to do this? Simple, DEBT! According to court papers, most Carol’s Daughter stores have been un-profitable since 2010. The stores reported assets and debts each are in the $1 million to $10 million range. Woah!
Lisa Price/ First Left
Before the bankruptcy filing, the company closed all but two of its seven stores and terminated 29 of its 42 employees. CD Stores LLC, formerly known as Carol’s Daughter Stores LLC, hopes to use this time in Chapter 11 to reorganize and consolidate its operations around its two open stores. One in Brooklyn’s Atlantic Terminal Mall and the other in Harlem. Besides the stores, you can still purchase Carol’s Daughter on its website and through such third parties as the Home Shopping Network and Sephora.
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We hope Carol’s Daughter gets back on its feet soon! So many people have sworn by their products. Lets just hope they keep purchasing them.
Photo Credit – Johnny Nunez/WireImage
