Beauty Brands, a cosmetics retailer based in the Kansas City area, has filed for Chapter 11 bankruptcy.
In previous weeks, the company announced it would close 25 stores and reduce its corporate staff.
The company is attempting to sell its operating assets to Illinois-based Hilco Merchant Resources LLC, or a higher bidder. A bankruptcy judge would have to approve the asset sales.
Beauty Brands has 33 remaining stores in 10 states, including 14 in Kansas City. Those 33 locations will continue to operate. Ten years ago, the company operated 52 stores in 11 states.
The company was founded in 1995 by advertiser Bob Bernstein. There are between $10 million and $50 million in assets and the same price range in liabilities, according to the bankruptcy petition.
Read more: Kansas City Star