Townhouse to acquire Glosslab assets via bankruptcy process
Townhouse has struck a deal with administrators to acquire the assets of ailing US nail salon chain, Glosslab as part of the latter’s bankruptcy proceedings. Under the terms of the Chapter 11 filing, the UK-based nail brand will purchase Glosslab’s inventory, equipment and New York leases for US$425,000. The post Townhouse to acquire Glosslab assets via bankruptcy process appeared first on Global Cosmetics News.
THE WHAT? Townhouse has struck a deal with administrators to acquire the assets of ailing US nail salon chain, Glosslab as part of the latter’s bankruptcy proceedings. Under the terms of the Chapter 11 filing, the UK-based nail brand will purchase Glosslab’s inventory, equipment and New York leases for US$425,000.
THE DETAILS According to a report published by WWD, Glosslab’s intellectual property will be sold in a separate transaction to VD Brand Holdings for US$100,000 with Townhouse named as next in line should the sale fall through.
THE WHY? VD Brand Holdings owner Adam Weitsman told WWD, “In Glosslab, I saw an opportunity to transform a strong brand into a global leader through smart, strategic growth. Our vision is to build Glosslab’s foundation of excellence while implementing carefully planned growth that prioritizes sustainability and profitability.”
The post Townhouse to acquire Glosslab assets via bankruptcy process appeared first on Global Cosmetics News.
