Pat McGrath Labs Files for Bankruptcy
The announcement comes just days before the scheduled auction.
Pat McGrath Labs has officially filed for Chapter 11 bankruptcy. The news comes just after the makeup brand had announced its plan to sell its assets — although the auction has been indefinitely postponed following its bankruptcy. Founded by Dame Pat McGrath, the brand is known for its innovative makeup products and high-impact formulas.
Only two days before the auction, Pat McGrath Labs submitted a Chapter 11 voluntary petition. While fans were unsure of the brand’s future as of late, some began to speculate rumors of bankruptcy after Pat McGrath became creative director of cosmetics for Louis Vuitton’s newly-launched La Beauté makeup line. On Sunday, the suspicion was confirmed.
Synonymous with runway glam and its industry-defining “Gold 001” pigment, Pat McGrath Labs has gained a reputation for translating high-quality, makeup artist staples to luxe products for the everyday consumer. Following its bankruptcy, Pat McGrath Labs joins a long list of beauty brands restructuring financially: including Malin + Goetz and Saks Global.
In other beauty news, read about Laneige’s recent partnership with KATSEYE.
