Pine Cosmetic Inc. files for Chapter 11 bankruptcy amid K-beauty competition
The company, which markets Korean skincare brands including Pine Beauty Mall and LeBody USA, cited rising competition from the Korean cosmetics market since 2020 as a contributing factor to its financial difficulties.
Pine Cosmetic Inc., a New York-based firm specialising in Korean skincare products, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York. The petition, lodged on 17 July 2026, outlines a restructuring plan for the company, which markets brands such as Pine Beauty Mall, LeBody USA, La Noubelle, Somisome, and Daly Glow.
According to court documents, the company lists assets valued between $100,000 and $500,000 against debts ranging from $1 million to $10 million. Pine Cosmetic, which was incorporated in August 2013, stated it intends to reorganise its business and debts while continuing normal operations. As of the filing date, the company’s website remained operational.
The filing follows increased competition from the Korean cosmetics market in the United States since 2020. Research from the Korean Economic Institute of America indicates that Korean cosmetics exports to the U.S. nearly tripled from $641 million in 2020 to $1.91 billion in 2024. This surge has contributed to economic pressures for some American beauty companies, with Pine Cosmetic citing the competitive landscape as a factor in its decision to seek court protection.
Specific unsecured creditors identified in the filing include Chase Bank, owed over $229,000, and CESC-Covic EIDL Servicers, owed over $218,000. Other major creditors listed are First Bank, owed $150,000, TD Bank, owed over $132,000, Forward Financing LLC, owed over $122,000, Lendistry, owed over $107,000, and PayPal, owed over $55,000. The company did not provide a specific reason for the bankruptcy petition beyond the broader market context.
The restructuring effort comes as other firms in the sector face similar challenges. Dallas-based Adwoa Beauty filed for Chapter 11 protection in October 2025 but later converted to Chapter 7 liquidation in May 2026 after a financing agreement deteriorated. Meanwhile, Miyoshi America Inc. filed for prepackaged Chapter 11 reorganisation in April 2026 to address litigation liabilities, establishing a trust to resolve claims.
