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  1. #1
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    Default Carol's Daugher files bankruptcy

    Companies affiliated with beauty brand Carolís Daughter filed for Chapter 11 bankruptcy protection Thursday.CD Stores LLC, formerly known as Carolís Daughter Stores LLC, filed its Chapter 11 petition with the Manhattan bankruptcy court. Court papersshow that CD Stores is 100% owned by Carolís Daughter Holdings LLC. And the petition, which reported assets and debts each in the $1 million to $10 million range, was signed by Carolís Daughter Chief Financial Officer John D. Elmer.A Carolís Daughter representative and the companyís bankruptcy attorney couldnít immediately be reached for comment Thursday afternoon.Joining CD Stores in Chapter 11 were such affiliated companies as CD Store Atlantic Terminal LLC and CD Store Roosevelt Field LLC, which respectively share addresses with Carolís Daughter stores in Brooklyn and Garden City, N.Y.Founded in 1993 by Lisa Price (the eponymous Carolís daughter), the chain makes hair, body and skincare products with natural ingredients, with a special focus on products for African-American women. The line has enjoyed financial backing in the past from such celebrities as Will Smith, Jada Pinkett Smith and Jay Z and was featured on Oprah.Carolís Daughter is a portfolio company of private equity firm Pegasus Capital Advisors LP, according to its website. A Pegasus spokesman wasnít immediately available to comment.ABL Advisor, an online trade publication for asset-based lenders, reported Tuesday that Carolís Daughter Holdings LLC borrowed a $3 million senior secured revolving credit facility from Siena Lending Group LLC for working capital and the expansion of the companyís distribution model. A Siena representative wasnít immediately available to comment.Last year, Reuters reported that Carolís Daughter was exploring a sale.
    http://blogs.wsj.com/bankruptcy/2014...or-bankruptcy/

    ~Love the hair you have~

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  3. #2
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    Default

    Not a big deal. It sounds like they are closing their retail stores. With the products being in Sephora, online and on HSN, having brick and mortar stores doesn't make much sense. The CD brand is still around and is doing okay.
    No one can make you feel inferior without your consent. -Eleanor Roosevelt

  4. #3
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    Bankruptcy protection is never a good thing to have to file for, I don't know about them being all OK but stores being unprofitable for 4 years is scary.
    It will be interesting to see how this plays out or if someone bigger buys them out. The natural hair product business has become cut throat as more and more people try to cash in on the latest 'trend' in Black hair and retail stores just don't cuti t anymore.

    I have seen some bad, bad products out there, selling well online simply due to hype and backers having so much money, they can sell us anything and we eat it up. Quality products like Carol's Daughter - at least back when I used them they were quality products - in small business have little chance of competing with the big guns for very long. It's a risky game.

    I wish them the best in restructuring!

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  6. #4
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    I agree, Dee...the B word is never good. That said, I too hope that their restructuring helps them keep the brand alive. Though why am I getting a mental image of slavering tigers wearing labels reading "Alberto-Culver" and "L'Oreal"?

    On a positive note, the Qhemet Biologics site is back up after having been offline for some time due to Qhem's illness. Also, Oyin Handmade's been in Target for a month or so now. I used to purchase from both of these businesses back in the day.

    I don't have a lot of money coming in (though that's about to change, thank GOD) and I have my products pretty much down pat but I'd like to patronize another black-owned business if I can, one that's providing good value for the money.
    It's 2020...do you know where you're going to?

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  8. #5
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    Default

    I just read about this on another forum and i gather the following:

    CD Stores (all except 2 in New York are closing). The stores are owned by a subsidiary of Carols Daughter LLC. The
    *stores* are bankrupt, not the parent company.

    CD Products will no longer be sold in Sephora, Ulta, Macy's....b/c of their move to Target.

    So the product line will still be available in some fashion.

    I also gathered that due to price and ingredient quality, as well as marketing (using celeb endorsements) CD is not really a major staple for naturals.

    There are many quality, economical products that we hear about on YouTube and blogs.

    Makes sense...
    "Authenticity is true beauty."
    "Asking God why He gave us this hair, then praying for it to grow..." Stahp it!
    /

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  10. #6
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    I heard about it a few days ago and it does seem like they're trying to shake off some bad debt and restructure. It's not Carol's Daughter the parent company, but the company they created to hold the retail stores.

    Some of it, I think, is marketing/branding and some is distribution. I'm not an expert but with such a niche market within a niche market, I'm not too sure I would have the product in so many retail locations. People who like Miss Jessie's or Aveda, for example, go out of their way to get it where its sold either in person or online. I do hope CD stays as a player in this market. I hope, however, they shift a from so many retail locations and make the distribution more in line with the brand and more efficient. I also think marketing and awareness is key. It's powerful to get celeb endorsements, but consistent and effective marketing is essential. I remember all the celeb endorsements but really didn't see a lot after that.

    There are people out there who will pay a little more for quality products. CD needs to find them and win as many as they can over.
    "The person who says it cannot be done should not interrupt the person doing it." - Chinese Proverb

    "Fall seven times a day, stand up eight." - Japanese Proverb

    ďAll truth is good, but not all truth is good to say.Ē - African Proverb

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  12. #7
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    ^ Agreed. I think they tried to do too much too quickly. Non sustainable growth is why a lot of companies end up scaling back and restructuring. Having their own stores AND being in Sephora AND HSN AND this or that is a lot of balls to keep in the air at once. I hope all works out for them...
    Last edited by Soul Rebel; 04-27-2014 at 08:04 AM.
    It's Cheap to be Pank. Come to the Pank Side.

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  14. #8
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    I liked Carol's Daughter when you had to go to Brooklyn to buy her products.
    Something changed in the quality once it was mass marketed.
    I haven't seen Oyin in Target yet.
    I wonder how natural these products will stay when they have to sit on store shelves.

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    Now my eyes are turning toward Miss Jessies. I haven't seen their product move at all in the stores...

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  18. #10
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    Yeah, honestly, I was in Target on Sunday and went out of my way to see the CD products on the shelf. Nothing inspired me to buy it. I'm going to stick with the couple of products I buy and leave it at that. They need to drill down to their core customer and try to get new ones.
    "The person who says it cannot be done should not interrupt the person doing it." - Chinese Proverb

    "Fall seven times a day, stand up eight." - Japanese Proverb

    ďAll truth is good, but not all truth is good to say.Ē - African Proverb

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