Jane Cosmetics Flips to Chapter 11

(Reuters) – Jane & Co, a cosmetics brand with annual revenue of about $25 million, filed for Chapter 11 bankruptcy protection on Monday, court documents show, citing cash liquidity issues arising from the economic crisis that affected retail customers nationwide.

The Baltimore company said in the April 6 filing it has assets of between zero and $50,000, and liabilities of between $1 million and $10 million.

Listed among the top 30 unsecured creditors were Topline Products Co. Inc., Jane Holdings LLC and Garrett-Hewitt International Inc.

A debtor-in-possession financing commitment has been obtained from Jane’s senior secured lender that will allow it to operate in Chapter 11, Women’s Wear Daily said citing the firm.

(Reporting by Dhanya Skariachan in Bangalore; Editing by Derek Caney)