THE WHAT? Mynd Spa & Salon has filed for bankruptcy after the COVID-19 crisis forced the closure of several of its branches, according to a report published by WWD.
THE DETAILS The spa chain, known as Elizabeth Arden Red Door until a 2019 rebrand aimed at capturing the millennial market, listed between US$0-50,000 in assets and US$1 million – 10 million in debt.
“It is with tremendous sadness and disappointment that we announce that on March 19, 2020, Mynd Spa and Salon has filed for bankruptcy relief under Chapter 7 of the United States Bankruptcy Code in the Southern District of New York,” the spa posted on its website.
THE WHY? With closures forced by the COVID-19 pandemic but overheads to maintain, many businesses will struggle to stay afloat. Mynd is surely the first of many.