The direct selling company JRJR Networks Brands or JRJR33 LLC has filed for chapter 11 protection in U.S. Bankruptcy Court in Dallas.
The company was the majority owner of eight different direct sales companies, including Longaberger Co., Agel, Kleeneze, Betterware, Tomboy Tools, Paperly, Uppercase Living, and My Secret Kitchen.
In 2013, JRJR Networks Brands acquired a 51.7% stake in Longaberger. The parent company, founded by direct-sales veteran John Rochon, also owns Tomboy Tools, a direct seller of tools for women and Agel Enterprises, which sells a line of nutritional gel products, among others.
In April, JRJR was delisted from the NYSE due to its inability to provide audited financial statements on time. JRJR33 and Longaberger listed between $1 million and $10 million in both assets and liabilities, court papers show. A lawyer representing the companies in the bankruptcy case couldn’t be reached for comment. Judge Harlin DeWayne Hale has been assigned the case, number 18-32124.
Full story at WSJ.com