Pat McGrath Labs takes a definitive turn in its trajectory. The brand owned by the eponymous star makeup artist has filed for Chapter 11 bankruptcy protection, the U.S. equivalent of insolvency proceedings in Spain. Thus, the sale of assets that the company had planned for Tuesday will be postponed indefinitely.
According to WWD, the company will continue to operate while it negotiates with its creditors a restructuring plan for its debt, estimated at between 50 million and 100 million dollars. The company had planned to carry out a sale of its assets on Tuesday, based on a drop in sales and valuation.
Immersed in restructuring and recapitalization processes, Pat McGrath Labs had hoped to “align” its financial framework…