Companies affiliated with beauty brand Carol’s Daughter filed for Chapter 11 bankruptcy protection Thursday.
According to court documents, Carol’s Daughter Stores LLC, filed a Chapter 11 petition with the Manhattan bankruptcy court. Court papers show that CD 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 is one of the first companies to cater to the natural hair community. It was founded in 1993 by Lisa Price, as she started mixing natural hair concoctions by hand. In recent years, celebrities such as Will Smith, Jada Pinkett Smith and Jay Z have promoted the natural hair-line.
Currently, CD products can be purchased online, as well as in major retailers like Sephora and Target.
Last year, Reuters reported that Carol’s Daughter was exploring a sale.