Carol's Daughter, the popular Black beauty brand founded by Lisa Price in 1993, featured by Oprah Winfrey, and found in national retailers such as Macy's and Sephora, filed for Chapter 11 bankruptcy protection today.
The Wall Street Journal reports that CD Stores LLC, formerly known as Carol’s Daughter Stores LLC, filed its Chapter 11 petition with the Manhattan bankruptcy court. The petition, which reported assets and debts each in the $1 million to $10 million range, was signed by Carol’s Daughter Chief Financial Officer John D. Elmer.
Carol's Daughter underwent a major expansion in the last decade, partly made possible by a group of investors led by music mogul Steve Stoute. Jay Z, Will Smith, and Jada Pinkett-Smith were also among the investors. Celebrity spokespeople for the brand include Mary J. Blige and Solange Knowles.
A Carol’s Daughter representative and the company’s bankruptcy attorney couldn’t immediately be reached for comment at press time.