Jane & Company, the Baltimore-based mass retail cosmetics company, filed petition for reorganization under Chapter 11 of the United States Bankruptcy Code today. The filing was necessitated by “significant cash liquidity issues…arising from the economic crisis that affected retail customers nationwide,” according to a statement.
The company, which has annual revenues of approximately $25 million, has obtained a debtor-in-possession financing commitment to continue operating business during the chapter 11— as it seeks a sale or “another alternative exit strategy.” Drew McManigle has been named chief restructuring officer and is leading the reorganization efforts.
