Beauty supply house House of Fame has announced plans to sell the cosmetics business and make a cash infusion to fund a fund to help people living with cancer.
The company, which was founded in the 1950s by famed makeup artist Alice Glass, has seen a dramatic decline in sales over the past decade.
The company has seen its stock price plunge more than 50 percent since last October.
But the stock has been able to recover somewhat, and on Thursday the company said it was selling its cosmetics division and that it would invest $2 billion in an equity-based fund that would be used to pay down debt.
The move comes as Beauty Supply House is undergoing a difficult transition as it seeks to refinance its debt, which the company incurred during its bankruptcy filing in 2016.
The $2,650-a-month rent for a three-bedroom home in the Los Angeles suburb of Burbank, Calif., is a hefty sum for a city that only has a population of about 1,300.
It’s a far cry from the $2 million that the company paid to lease a three bedroom home in Beverly Hills, Calif.
to its former CEO, Mark Zukerberg.
The business has been struggling with a number of issues, including the lack of sales growth and competition from other makeup brands.
It is also struggling to meet growing demand for its products.
The deal with the family trust will allow the company to refocus its focus on its cosmetics operations, according to a release from the company.
The sale will be announced on the company’s website on Thursday.
The makeup company was founded by Glass in the late 1950s.
It was a leader in makeup and cosmetics manufacturing before it went under.
Glass was also a co-founder of the National Academy of Beauty, a foundation for beauty industry excellence.