January 12, 2018 / 10:35 PM / 2 years ago

Cosmetics chain Kiko files for bankruptcy, to close most stores

Cosmetics retailer Kiko USA Inc filed for Chapter 11 bankruptcy protection on Thursday with plans to restructure by closing nearly all of its remaining stores in response to weak sales.

Chief Executive Frank Furlan said in papers in Bankruptcy Court in Delaware that the subsidiary of Italy’s Kiko SpA that sells Kiko Milano-branded cosmetics needs to shutter the stores after suffering “extremely high operating costs and continually depressed profits in recent years” due to challenges from online sales and declining mall traffic facing brick-and-mortar retailers.

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