Carol’s Daughter Files for Bankruptcy
According to the Wall Street Journal, Carol’s Daughter’s affiliated brands filed Chapter 11 bankruptcy on Thursday (Apr 24) in addition to 5 of the 7 stores closing with only Brooklyn and Harlem, NY stores open.
It was revealed in filed court documents that since 2010, the physical stores had become unprofitable. Although the company may be closing some of its doors, there’s still a future for the brand.
“Today’s filing in no way reflects the parent company’s healthy financial situation, and is a part of its plant to grow the brand through national retail outlets,” Chief executive Richard Dantas said on behalf of the company.
Carol’s Daughter Holdings began in Lisa Price’s kitchen and once it grew to a brand, she named it after her mother Carol Hutsons. The product is still retailed in over 2,000 stores nationwide and online.