A celebrity-backed chain of Manhattan nail salons — which drew concern after The Post exclusively reported on its failure to pay rent — has filed for bankruptcy, according to a court filing.
GlossLab — which had raised $20 million from investors that included model Olivia Culpo, musicians from The Chainsmokers, retired Knicks star Amar’e Stoudemire and Detroit Lions quarterback Jared Goff — filed for Chapter 11 protection in New York on Monday.
filing comes months later a Series of reports by The Post About GlossLab and its founder Rachel Apfel Glass, chief executive and former hedge fund manager.
company Insiders told The Post that glass inspected an operation Which was mired in anarchy and undisciplined expenditure.
GlossLab closed its two Manhattan salons after launching an unsuccessful expansion campaign and is struggling with cash shortages, leaving it unable to pay rent at some of its approximately 20 other locations, The Post reports. Went.
In its filing, the company cited The Post’s coverage of its financial difficulties last spring as well as its ongoing legal dispute with European Wax Center founder Joshua Koba, who lent money to the chain.
According to Glass, he began contacting investors looking to bring additional cash into the business or explore the possibility of selling the company.
But The Post’s articles about turmoil at the company led potential stakeholders to get cold feet, he alleged in the bankruptcy filing, which was the first time. Cited by Bloomberg News.
Investors who had expressed interest in the business “considered the damage caused to the brand as a result of the litigation and the NY Post article, they will no longer entertain a partnership in any way,” Glass filed in court.
The post seeks comment from GlossLab.
According to the filing, Glass is currently trying to sell the company to VD Brands Holdings.
According to Glass, if the sale is approved, it would provide relief to some creditors and allow the company to continue employing more than 50 employees.
Founded in 2018, GlossLab plans to grow from 21 locations to 65 locations in New York, New Jersey, Connecticut, and Texas over the next few years.
The only two locations that are currently in operation are in the Manhattan sections of Flatiron and Tribeca.
A Glosslab spokesperson said in March that former employees’ allegations that Glass was “passive” and “absent” were “a very inaccurate characterization” of the executive.
GlossLab also refuted claims from a former employee who alleged it hired unqualified and unlicensed technicians, who kept their jobs despite accidents and concerns by customers, employees and city inspectors.
A Glosslab spokesperson told The Post earlier this year that “all of Glosslab’s technicians are licensed,” and, “as is common practice in the industry, Glosslab manicures are available to correct if a customer is not satisfied.” Provides free services.”
