Pine Cosmetic Inc. files for Chapter 11 bankruptcy

Kirk O'Neil Sat, July 18, 2026 at 1:14 PM PDT | 3 min read

The U.S. cosmetics industry has faced growing competition from the Korean cosmetics market since 2020, as Asian products have surged in popularity. As Korean product sales have risen, several American beauty companies have encountered economic difficulties, with some filing for bankruptcy protection.

Even a U.S.-based company that markets Korean cosmetics products, Pine Cosmetic Inc., is now facing challenges that have led it to bankruptcy court.

Pine Cosmetic Files for Bankruptcy

New York-based cosmetics and beauty company Pine Cosmetic Inc., which specializes in high-quality Korean skincare products, has filed for Chapter 11 bankruptcy protection, according to PacerMonitor, with plans to reorganize its business.

The debtor, which operates the brands Pine Beauty Mall, LeBody USA, La Noubelle, Somisome, and Daly Glow, filed its petition in the U.S. Bankruptcy Court for the Eastern District of New York on July 17. The filing lists:

• Assets: $100,000 to $500,000
• Debts: $1 million to $10 million

The cosmetics company, incorporated in August 2013, plans to reorganize and restructure its debts, according to a person who answered the company's phone on July 17. The company is operating as normal, the unidentified person said. No specific reason was given for filing the petition.

The company's Pine Beauty Mall website remains operational as of July 17.

Largest Unsecured Creditors

According to court documents, Pine Cosmetic's largest unsecured creditors include:

• Chase Bank — owed over $229,000
• CESC-Covic EIDL Servicers — owed over $218,000
• First Bank — owed $150,000
• TD Bank — owed over $132,000
• Forward Financing LLC — owed over $122,000
• Lendistry — owed over $107,000
• PayPal — owed over $55,000

Korean Cosmetics Gain Popularity

The Korean cosmetics industry has skyrocketed in the U.S. since 2020. According to research from the Korean Economic Institute of America, exports nearly tripled from $641 million in 2020 to $1.91 billion in 2024.

This rising trend was global, as total Korean cosmetics exports rose from $7.57 billion in 2020 to $10.23 billion in 2024.

However, Korea's largest cosmetics market, China, declined during that period from $3.81 billion in 2020 to $2.5 billion in 2024.

North America's Emerging Frontier

"This striking reversal reflects deeper dynamics in global demand, where China once served as the single-largest growth engine for K-beauty, North America has now emerged as a principal frontier market particularly for skincare," according to the Korean Economic Institute of America.

Other Industry Bankruptcies

Adwoa Beauty

Financial difficulties led Dallas-based Adwoa Beauty to file for Chapter 11 protection in October 2025 with a Subchapter V petition, seeking reorganization to continue operating. Adwoa subsequently converted the bankruptcy to Chapter 7 liquidation in May 2026 after a financing agreement deteriorated and the company could no longer continue to operate.

Miyoshi America Inc.

Expensive litigation forced Miyoshi America Inc., a leader in surface-treated pigments and powders for major cosmetics brands, to file a prepackaged Chapter 11 plan of reorganization on April 27, 2026. The company sought to resolve alleged talc- and asbestos-related liabilities asserted in lawsuits and continue operating in a business-as-usual manner.

Under the plan of reorganization, which required court approval, the Dayville, Connecticut-based debtor would create a $20 million trust to pay claims related to litigation, according to a declaration by Miyoshi Vice President Edward Houlihan. The trust would be funded by a $19 million cash contribution from the debtor and $1 million from other sources.