Glosslab‘s assets are poised to change hands as part of its Chapter 11 proceedings.
According to a bankruptcy court filing in New York’s Southern District, the U.K.-based nail chain Townhouse has entered an asset purchase agreement with Glosslab, the nail salon chain that entered Chapter 11 proceedings in late 2024.
Per the filing, Townhouse will acquire inventory, industrial and office equipment, as well as the leases to its Flatiron and Tribeca locations in New York for $425,000.
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There is a concurrent sale for Glosslab’s intellectual property to VD Brand Holdings Inc. for $100,000, and if that sale doesn’t go through, Townhouse may pay the same sum for it, according to the purchase agreement.
Both deals are pending court approval, with a hearing set for Friday.
Rachel Apfel Glass, the founder of Glosslab, confirmed that VD Brand Holdings was owned by entrepreneur Adam Weitsman, and that he would be focused on turning the brand into a beauty product-oriented lifestyle brand.
“He brought in this rock star team to do that, and then, Townhouse is one of the best operators in the world of nail salons,” Glass said. “We thought hand-in-hand with Glosslab continuing on as a brand, Townhouse should take the two locations of nail salons.”
Glass is currently evaluating options to stay with the brand, she said.
According to a statement on the IP acquisition, Weitsman has also tapped Revlon former executives Debra Perelman and Martine Williamson, as well as former Farfetch executive Jeffrey Fowler.
“In Glosslab, I saw an opportunity to transform a strong brand into a global leader through smart, strategic growth,” Weitsman said in a statement. “Our vision is to build Glosslab’s foundation of excellence while implementing carefully planned growth that prioritizes sustainability and profitability. We’re not just growing, we’re growing intelligently.”
Townhouse could not immediately be reached for comment.
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Source: https://wwd.com/
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