Jane Cosmetics chapter 11
This article was originally published in The Rose Sheet
Executive Summary
Baltimore, Md.-based Jane Cosmetics has filed for Chapter 11 bankruptcy protection, citing "significant cash liquidity issues faced by Jane arising from the economic crisis that affected retail customers nationwide." Niche brand that launched mineral makeup in 2006 at prices two to three times less than competing lines says it has secured financing from a senior secured lender that will allow it to continue operating while seeking "a sale of Jane and/or its assets or another alternative exit strategy" (1"The Rose Sheet" Oct. 23, 2006, p. 5). According to the April 7 release, Jane Cosmetics books roughly $25 mil. in annual revenues. In court documents, the company lists assets of $0 to $50,000 and liabilities of $1 mil. to $10 mil. Reportedly the company - which acquired the jane brand from the Estee Lauder Companies in 2004 - has been approached by interested buyers