High Ridge Brands Co., the maker of 13 brands including Rave, Alberto V05 and LA Looks, and its subsidiaries have filed for Chapter 11 bankruptcy. The company is in “active discussions” with potential buyers, according to reports. High Ridge Brands current has $500 million in assets, at least $500 million in liabilities and about 140 employees that the company hopes to continue to pay in the bankruptcy filing.
“In the last two years, High Ridge Brands has made tremendous progress enhancing our global operations, investing in best-in-class innovation and expanding our branded personal care platform,” Patricia Lopez, High Ridge Brands’ CEO & President.
“Following a thorough review of the options available to us, we have made the decision to execute a court-supervised sales process in order to maximize the value of our strong brands. As we move forward, we remain focused on our mission of crafting extraordinary experiences for savvy consumers through our hair care, skin cleansing and oral care products. We are committed to minimizing the impact on our employees, customers, vendors and other stakeholders throughout the sales process, and we thank them for their ongoing support,” she added.
Through the restructuring process, Benjamin Jones, senior managing director at Ankura Consulting Group will serve as High Ridge Brands chief restructuring officer. Debevoise & Plimpton LLP and Young Conaway are the company’s legal counsel while PJT Partners is the financial advisor.
High Ridge Brands’ UK business operations are not included in the bankruptcy filing.