Balto. Co. firm seeks protection

April 08, 2009|By Hanah Cho | Hanah Cho,hanah.cho@baltsun.com

Middle River-based cosmetics provider Jane & Co. filed for Chapter 11 bankruptcy protection Monday in federal court in Delaware.

The Baltimore County company said it faced "significant cash liquidity issues" because of declining consumer spending amid an economic crisis.

Jane said it has obtained financing from a senior secured lender that will allow it to continue operations.

The company, which reported $25 million in annual revenue, listed assets of between zero and $50,000 and liabilities of $1 million to $10 million, according to electronic court documents.

The privately held company sells Jane Cosmetics at drugstores and other mass-market retailers nationwide. It has fewer than 20 employees, said Drew McManigle, a Columbia-based reorganization consultant who is Jane's chief restructuring officer.

Interested buyers for the company or its assets have approached Jane, which hopes to emerge from Chapter 11 as soon as 60 days, McManigle said.

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