Laura Geller parent company Glansaol files for bankruptcy, files to sell assets
Glansaol LLC has filed for Chapter 11 bankruptcy while simultaneously filing to sell "substantially all of its assets" to AS Beauty LLC, according to a press release from the company.
The company, which owns beauty brands like Laura Geller, Julep and Clark’s Botanicals, said the sale "is designed to preserve the strength of the company's core businesses for the benefit of [its] economic stakeholders." The sale procedures are expected to be approved in early 2019.
"The board and management team have thoroughly assessed all of our strategic options and are confident that the proposed sale process represents the best path forward for the Company," said Nancy Bernardini, Glansaol's chief executive officer. "We are pleased to have entered into an asset sale agreement with AS Beauty and are excited for the Company's future."
Glansaol is being guided through this process by restructuring advisory firm Emerald Capital Advisors, while Willkie Farr & Gallagher LLP is serving as the company's legal counsel. AS Beauty is being represented by corporate law firm Sill Cummis & Gross P.C.
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