A massive celebrity brand now goes out of business after filing for bankruptcy just about a year ago according to new reports.
Forma Brands had closed other brands and ended deals with some influencers before its bankruptcy.
Despite the challenges of trying to replicate the success of beauty brands of celebrities such as Kylie Jenner, this has not stopped Forma Brands from betting heavily on influencers.
That included Jaclyn Cosmetics, a brand tied to social media influencer Jaclyn Hill.
“I have decided to close the doors on Jaclyn Cosmetics for the foreseeable future,” Hill posted on the brand’s Instagram page.
“There has been plenty of talk, but what I will say is the brand has been such an important chapter in my book and one I will always cherish but am ready to close.”
Her note also thanked her fans and customers of the brand.
“First, I want to thank each and every one of you for the love and support you have shown for me & this brand. You let this girl dream and that’s what I did,” she wrote.
Hill assured fans that she was in a good mental and physical space despite the closure.
Since its filing, the company has sold Ariana Grande’s R.E.M. Beauty back to the singer, reports TheStreet.
It likely offered Hill the same deal, according to responses to her LA group Instagram post.
“Let’s make this very clear. You didn’t ever own your brand. Therefore YOU didn’t shut down your brand. Forma did.
And they gave you a chance to buy it back from them and be a true brand owner and you said no because your likeness isn’t profitable anymore,” thesophasaurus posted.
Hill did not, in fact, fully own the brand and whether she had an ownership stake in it has not been revealed publicly.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A health company now announces unexpected layoffs in California according to the latest WARN filings submitted to the state.
Blue Shield of California has confirmed a reduction in its workforce, with 165 employees set to be laid off by January 31, according to Worker Adjustment and Retraining Notification (WARN) filings submitted to the state.
This move comes as part of the nonprofit insurer’s efforts to streamline operations and reduce administrative costs, the company said.
Below is a list of the counties affected as well as the number of layoffs scheduled in California:
- Alameda County: 80 Layoffs
- Los Angeles County: 32 layoffs
- Sacramento County: 20 layoffs
- El Dorado County: 16 layoffs
- San Joaquin County: 13
- San Diego County: 3
- Shasta County:1
The current layoffs affect approximately 2% of Blue Shield of California’s 7,500-employee workforce.
In August, the company shifted its pharmacy benefit management from CVS Health’s Caremark to a new model involving partnerships with Amazon Pharmacy, Abarca, Mark Cuban Cost Plus Drug Company, and Prime Therapeutics, aiming to reduce prescription drug costs by $500 million per year.
The WARN notice issued by Blue Shield of California reflects the company’s ongoing adjustments to its business strategy and workforce in response to the evolving healthcare industry landscape.
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Also Read: A Massive Bank Now Closes Several Branches in Florida
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