High Ridge Brands Co. has announced that it has filed for voluntary Chapter 11 bankruptcy and is pursuing a sale of the company.
The Stamford firm, whose portfolio includes Zest soap and Alberto VO5 hair care products, said it “is currently engaged in active discussions with interested bidders.”
The company’s U.K. business operations are not included in the Chapter 11 filing and will not be subject to the requirements of the U.S. Bankruptcy Code.
“In the last two years, High Ridge Brands has made tremendous progress enhancing our global operations, investing in best-in-class innovation and expanding our branded personal care platform,” said CEO and President Patricia Lopez. “Following a thorough review of the options available to us, we have made the decision to execute a court-supervised sales process in order to maximize the value of our strong brands.
“We are committed to minimizing the impact on our employees, customers, vendors and other stakeholders throughout the sales process, and we thank them for their ongoing support,” Lopez said.
High Ridge has received a commitment of $20 million debtor-in-possession financing, and the company says it has enough liquidity to continue with business obligations, including making deliveries in full and paying suppliers.
In addition to the aforementioned products, the company has a portfolio of licenses for such entertainment properties as Star Wars, Batman, Spider-Man, Hello Kitty and Transformers.
High Ridge has approximately 140 employees.