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Esteemed Contributor
Posts: 5,913
Registered: ‎09-05-2014

Glansaol Holdings/Geller Bankruptcy

 

Glansaol filed a Key Executive Incentive Plan with the court requesting to pay up to $1.05 million in bonuses to 3 executives who will remain through the possible sale of the company.

 

Additionally, they have filed a Key Employee Retention Plan requesting bonus incentives for 16 Key Employees.

 

The Bankruptcy Court Trustee has objected to these Plans, noting in part that the company has disclosed neither the names of the 16 nor what compensation would be.  (I'll assume Laura would considered Key).

 

In the documents, the company acknowledged that very few, if any employees will be retained by the prospective new buyer, or any other buyer, and Julep has already laid off over 100 employees.

Esteemed Contributor
Posts: 7,133
Registered: ‎12-24-2010

WOW - but not surprised.  There are so many bottles - jars & squeeze tubes on the market...all trying to get the majority of the sales dollar.  More than half of 'wonder' creams miss the mark.

Esteemed Contributor
Posts: 6,407
Registered: ‎07-07-2010

Re: Geller Bankruptcy

[ Edited ]

While I think bankruptcy for major companies is business as usual, I feel bad for Laura Geller.  She has worked hard.  With all of the competition and working with such a big company as the Q, it can be difficult financially to keep afloat.  Between having to keep large inventories, salaries/benefits, advertising, rents, sales, and rebates, I am not surprised as this.

The next time that I hear salt and ice together, it better be in a margarita!
Esteemed Contributor
Posts: 5,404
Registered: ‎03-21-2010

@SXMGirl wrote:

While I think bankruptcy for major companies is business as usual, I feel bad for Laura Geller.  She has worked hard.  With all of the competition and working with such a big company as the Q, it can be difficult financially to keep afloat.  Between having to keep large inventories, salaries/benefits, advertising, rents, sales, and rebates, I am not surprised as this.


@SXMGirl ...... I believe Laura Geller sold her company a few years ago & she is only the “face” of her former product .... I assume when she sold out she was paid for her company & is sitting pretty well off .... I don’t think any of this current business stuff is effecting her ..... I could be wrong about this & if I am feel free to correct me 😃

Esteemed Contributor
Posts: 5,880
Registered: ‎03-10-2010

I guess it's not really very surprising:

 

In case anyone wants to read what led up to the company Glansaol declaring bankruptcy, this article has a good narrative:

 

http://www.bankruptcydata.com/news-story/glansaol-files-chapter-11-plans-going-concern-sale-to-as-be...

 

 

Valued Contributor
Posts: 777
Registered: ‎03-10-2010

I suspect Laura will be fine with this since she sold her company years ago.  I feel more sorry for the Julep sisters - I think they were more of a start-up.  And I really like their products so I hope the new buyer doesn't drop them.