Yahoo Finance
cosmetics industry has faced growing competition from the Korean cosmetics market since 2020, as the Asian country's products have grown in popularity.
As Korean product sales have risen, certain American beauty companies have battled economic issues, in some cases filing for bankruptcy protection.
A U.S.-based company marketing Korean cosmetics products, Pine Cosmetic Inc., is even having difficulties, leading it to bankruptcy court.
New York-based cosmetics and beauty companyPine Cosmetic Inc., which specializes in high-quality Korean skincare products, filed forChapter 11 bankruptcyprotection, according toPacerMonitor, with plans to reorganize its business.
The debtor, which operates Pine Beauty Mall, LeBody USA, La Noubelle, Somisome, and the Daly Glow brands, filed its petition in the U.S.
Bankruptcy Court for the Eastern District of New York on July 17, listing $100,000 to $500,000 in assets and $1 million to $10 million in debts.
The cosmetics company, which was incorporated in August 2013, plans to reorganize and restructure its debts, according to a person who answered the company's phone on July 17.
The company is operating as normal, the unidentified person said.
No specific reason was given for filing the petition.
The company's Pine Beauty Mall website is still operational as of July 17.
Pine Cosmetic's largest unsecured creditors include Chase Bank, owed over $229,000; CESC-Covic EIDL Servicers, owed over $218,000; First Bank, owed $150,000;TDBank, owed over $132,000; Forward Financing LLC, owed over $122,000; Lendistry, owed over $107,000; and PayPal, owed over $55,000, according tocourt documents.
The Korean cosmetics industry has skyrocketed in the U.S.
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