Coronavirus Closure: Elizabeth Arden Red Door Spa Files for Liquidation
After closing due to the coronavirus pandemic, Elizabeth Arden Red Door spas is shuttering permanently.
The business, now known as Mynd Spa & Salon Inc., filed for Chapter 7 bankruptcy in New York on March 19, days after it had posted on Instagram that it was temporarily closing locations in response to COVID-19.
The business listed between $0 and $50,000 in assets and between $1 million and $10 million of debt on its petition.
The spa had struggled in recent years, and rebranded its 27 spa locations as Millennial-friendly in mid-2019. That's when it changed the name to Mynd. The business has been backed by private equity firm North Castle Partners since 2012.
Back in the day, business was booming, In 2012, WWD reported that Red Door Spa did $150 million in annual sales. At that point, the business also included Mario Tricoci salon and day spa, which was later sold back to the Tricoci family.
Revlon-owned Elizabeth Arden once held a minority stake in the spa business, but does not anymore.
For more from WWD.com, see:
Coronavirus Impact: Coty Expects 20% Decline in Next Quarter
Estée Lauder Withdraws Guidance, as Coronavirus ‘More Broadly’ Impacts Business
Red Door Salon and Spa Gets a Millennial Makeover, Re-brands as a Wellness Destination
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