A little more than a week after Beauty Brands filed for Chapter 11 bankruptcy protection, the company’s founder wants to buy it back.
Bob Bernstein started the cosmetics company in 1995 out of Kansas City. He sold his majority stake in 2014 to TSG Consumer Partners, a California private equity firm.
Absolute Beauty LLC, which is controlled by Bernstein and his son, former Beauty Brands president David Bernstein, is prepared to buy 23 Beauty Brands stores and offer continued employment to 875 people.
A bid filed Wednesday offers $4.65 million to buy the stores and take over their leases and the lease of a distribution center. The filing argues that bid is superior to an asset purchase agreement with Hilco Merchant Resources LLC that Beauty Brands announced when it filed for bankruptcy protection.
Read more: Kansas City Star