Perfumania Holdings Inc., a U.S. retailer with exclusive distribution rights to several Trump-branded colognes, said yesterday that it had initiated a recapitalization and was filing voluntary petitions for chapter 11 protection, Reuters reported. The company said in a statement that it planned to reduce its retail store count, increase investments in its e-commerce business and become a privately held company. The company also said that it would “continue to operate in the normal course of business.” Perfumania’s wholesale businesses, Parlux, holds the exclusive distribution rights to U.S. President Donald Trump’s fragrances Empire and Success, as well as daughter Ivanka Trump’s fragrance. The company’s portfolio also includes fragrances from celebrities such as Rihanna, Jessica Simpson and Jay Z. Perfumania said its Parlux and Five Star Fragrance subsidiaries were not included in the chapter 11 filings. Read more.
What does the future hold for retail bankruptcies? Be sure to attend ABI’s Bankruptcy 2017: Views from the Bench on October 17.
