The business, which owns 750 salons, has plans to sell.
With plans to emerge after the coronavirus crisis, the owner of salon chains Hair Cuttery, Bubbles and Salon Cielo has filed for Chapter 11 bankruptcy in Maryland in order to reorganize and sell the business.
“These have been unprecedented and trying times for everyone, and especially for our industry,” said Phil Horvath, president of Creative Hairdressers, who said the company is looking forward to reopening its doors in the future.Azhar Quader, chairman of Tacit, said he expects the salon business to emerge from the COVID-19 pandemic “in a stronger financial position.” Tacit was formed as an investment platform to buy salons — that market is notoriously fragmented.
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