A celebrity-backed chain of Manhattan nail salons — which raised alarms after The Post exclusively reported about its failure to pay rent — has filed for bankruptcy, according to a court filing.
Glosslab — which had raised $20 million from investors that included model Olivia Culpo, musicians in The Chainsmokers, retired Knicks star Amar’e Stoudemire and Detroit Lions quarterback Jared Goff — sought Chapter 11 protection in New York on Monday.
The filing comes months after a series of reports by The Post about Glosslab and its founder Rachel Apfel Glass, the chief executive and former hedge fund manager.
Company insiders told The Post that Glass oversaw an operation that was mired in chaos and undisciplined spending.
Glosslab shut down two of its Manhattan salons after embarking on a failed expansion spree and was suffering from a cash shortage that left it unable to pay rent on some of its roughly 20 other locations, The Post reported.
In its filing, the company cited The Post’s coverage of its financial difficulties this past spring as well as an ongoing legal dispute with Joshua Coba, the founder of European Wax Center who lent money to the chain.
According to Glass, she started contacting investors seeking to generate additional infusions of cash into the business or to explore selling the company.
But The Post’s articles about turmoil at the company prompted would-be stakeholders to get cold feet, she alleged in the bankruptcy filing, which was first cited by Bloomberg News.
Investors who had expressed interest in the business “would no longer entertain partnering in any way, noting the damage to the brand resulting from the litigation and the NY Post article,” Glass said in the court filing.
The Post has sought comment from Glosslab.
Glass is currently in the process of trying to sell the company to VD Brand Holdings, according to the filing.
If the sale is approved, it would provide relief to some creditors and allow the company to continue to employ more than 50 workers, according to Glass.
Founded in 2018, Glosslab planned to go from 21 locations in New York, New Jersey, Connecticut and Texas to 65 locations in the next few years.
The only two locations that currently remain in operation are in the Manhattan sections of Flatiron and Tribeca.
A spokesperson for Glosslab said in March that former employees’ allegations that Glass was “hands off” and “absentee” were “a very inaccurate characterization” of the executive.
Glosslab also denied claims by a former employee who alleged that it hired underqualified and unlicensed technicians who kept their jobs despite mishaps and concerns raised by customers, employees and city inspectors.
A Glosslab spokesperson told The Post earlier this year that “all of Glosslab’s technicians are licensed,” and that, “As is common practice in the industry, Glosslab offers free services to correct manicures if a customer isn’t satisfied.”
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