Carol’s Daughter Bankruptcy
I knew it was coming. According to the Wall Street Journal, Carol’s Daughter Holdings LLC filed for chapter 11 bankruptcy. The company hopes to use its time in Chapter 11 to reorganize and consolidate its operations around its two open stores, in Brooklyn and Harlem. This is a standard procedure company uses to get out of debt.
The WSJ says:
Court papers show that CD Stores (formerly known as Carol’s Daughter Stores LLC) is 100% owned by parent company Carol’s Daughter Holdings LLC (the parent company didn’t file for bankruptcy). The petition reported assets and debts each in the $1 million to $10 million range.
New court papers were allegedly filed and noted that most Carol’s Daughter stores have been unprofitable since 2010. Before the bankruptcy filing, the company closed all but two of its seven stores and terminated 29 of its 42 employees.
WJF reports that the company hopes to consolidate its operations around its two open stores, in Brooklyn and Harlem.
A lot of people feel that Carol’s Daughter has lost its mojo. Saying that the products are too high and not that effective.
I know that at the Macy’s in New Orleans we never see anyone shopping at or working the counter for Carol’s Daughter. Always wondered how they made money there. Just my opinion.
What to do you think about Carol’s Daughter? Comment below.