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Perfumay

This article was originally published in The Rose Sheet

Executive Summary

Los Angeles-based fragrance retailer files for Chapter 11 protection Feb. 2 in the U.S. Bankruptcy Court for the Central District of California. Perfumay's unsecured creditors include Cosmair, which is owed $344,000. Among the reasons for the bankruptcy cited by Perfumay were too-rapid expansion; the Jan. 17 earthquake, which caused over $500,000 damage in inventory and structural damage to stores; and the cancellation of a line of credit by Bank of the West. The company also alleges that department stores and fragrance manufacturers conspired to fix retail prices after Perfumay began discounting fragrances. Perfumay says it plans to file suit against a number of fragrance manufacturers alleging price fixing, unfair competition and other antitrust violations
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