Lisa Price has been a rarity in her field because she’s one of the few business women and of color with a successful hair and beauty empire, Carol’s Daughter. However after years of being one of the few brands that catered to women of color’s hair, the blogs were buzzing that she went bankrupt. With the news that she’s closing business also came the criticism about Price and her company.
“Because everyone misunderstood what we did and perceived it to be a failure, the attack on the failure was uncomfortable,” she told Madamenoire. She explained that filing a Chapter 11 or going bankrupt isn’t as bad as it sounds. “A lot of people looked at it and said she lost her business, she filed bankruptcy, she’s broke. That’s not what chapter 11 is. This was more of a downsizing. Move and focus on what’s making money and try to close and secure what isn’t. We can’t keep something open that’s not working.”
Through it all, Price was pleased by her decision to close doors to keep the longevity of her brand that started in her kitchen, but the backlash she’s constantly receiving is hurtful.
“It’s disheartening to have people blatantly refer to you as stupid, to say, ‘well you know she never had control anyway,’ ‘they charge to much for their products, that’s why their store closed, good for them’ That was uncomfortable to deal with. At the end of the day, we made the decision we had to make. We spoke directly to the staff so it didn’t take anyone by surprise.”
Press play to watch her full interview.