THE WHAT? Cerberus Capital Management and Jefferies Finance have agreed to acquire Morphe owner, Forma Brands for US$690 million in debt relief, according to a report published by Bloomberg.
THE DETAILS Forma closed all of Morphe’s US stores at the start of the year, a move that was swiftly followed by bankruptcy filing.
THE WHY? Bankruptcy court papers reveal that the company did not receive any better bids during its Chapter 11 proceedings, per Bloomberg, leaving the company in the hands of its lenders.
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