THE WHAT? The owner of Morphe make-up, Lipstick Queen and Jaclyn Cosmetics, Forma Hill is said to be poised to file for Chapter 11 bankruptcy, according to a report published by WWD quoting ‘sources familiar with the matter’.
THE DETAILS A spokesperson for the company told WWD, “Forma Brands is engaged in constructive discussions with our financial stakeholders regarding ways to strengthen the company financially and enable us to reinforce our focus on the opportunities we see ahead for our brands. We are excited about the products we will continue to bring to our customers.”
THE WHY? A combination of factors, including the pandemic dampening demand for color cosmetics, scandals surrounding Morphe’s key faces, Jefree Star and James Charles, and supply chain disruptions have hit sales, WWD reports.