Morphe owner Forma Brands has exited bankruptcy and named a new CEO.
Cliff
Moskowitz has been selected to lead the company after serving as CEO
of athletic apparel brand Outdoor Voices. He is an operating partner at
&vest, one of Morphe's new owners.
- Forma Brands filed for bankruptcy and closed all the physical stores of its Morphe makeup brand in January.
- The
COVID-19 pandemic and changing consumer behavior generated liquidity
and operational problems for Forma, according to court documents.
- Jefferies Finance and Cerberus Capital Management agreed to buy the company's online platform and other assets for $33M.
- The lenders then put in a stalking horse bid to buy out Forma and all of its related entities.
- Forma is exiting bankruptcy under the ownership of Jefferies, Cerberus, FB Intermediate Holdings, and &vest.
