(Bloomberg) — Glosslab LLC, a New York-based nail salon chain that experimented with a membership-based enterprise mannequin and attracted celeb buyers, has filed for chapter.
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The corporate and its associates filed for courtroom safety Monday in New York and are searching for to promote what’s left of the enterprise to VD Model Holdings Inc., in keeping with courtroom paperwork. Glosslab CEO Rachel Apfel Glass stated in a courtroom submitting that the corporate was in hassle after fast growth, in addition to the publication in March of a New York Publish article detailing monetary issues and a authorized battle with the founding father of the European Wax Middle, Joshua Coba, who lent the corporate. cash.
Glosslab has raised $20 million from businesspeople, celebrities and influencers, together with mannequin Olivia Culpo, Detroit Lions quarterback Jared Goff, retired New York Knicks star Amar’e Stoudemire and members of the digital music group The Chainsmokers. However the firm was pressured to shut all however two of its places earlier this yr and half methods with its complete administration crew, in keeping with courtroom paperwork.
In courtroom paperwork, Glass stated that earlier this yr he started contacting Glosslab shareholders and others within the New York enterprise neighborhood to hunt new funding or discover a purchaser for the corporate. After the publication of the New York Publish article and the decision of the dispute with Coba, buyers who had beforehand expressed curiosity within the firm “now not thought of partnering in any manner, given the model injury ensuing from the litigation and the NY Publish article.” ” Glass stated within the courtroom submitting.
The Chapter 11 submitting provides Glosslab time to finish the proposed sale to VD Model Holdings. The sale, which have to be accepted by a chapter choose, would permit some collectors to be paid and consequence within the continued employment of greater than 50 staff, Glass stated.
The case is Glosslab LLC, quantity 24-12399, within the U.S. Chapter Courtroom for the Southern District of New York.
(Up to date with courtroom paperwork in fourth paragraph)
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