Beauty parent organization, FORMA Brands LLC, is filing for Chapter 11 bankruptcy.
The company's subsidiary Morphe Cosmetics recently announced on Twitter that it would be closing its U.S. stores to retail primarily online and selected stores.
FORMA has other brands under its belt including Bad Habit, Jaclyn Cosmetics, Playa Beauty and Lipstick Queen, and it is unknown how this will effect them going forward.
Jacklyn Cosmetics, www.formabrands.com
An official statement was made on January 12, 2023 and detailed a sale of Forma's assets in order to "strengthen FORMA Brands’ balance sheet" in order to "execute on its long-term growth strategy and invest in its multi-category portfolio, product launches and innovative brand and marketing strategy." The move will also facilitate the company's access to $33 million in financing.