Lifestyle Lift Files for Bankruptcy
On Wednesday, March 11th, Lifestyle Lift filed for bankruptcy protection in Houston. This move was anticipated when media outlets reported last week that Lifestyle Lift had abruptly closed 40 of its 50 offices.
The Wall Street Journal reports that the company, which claims to offer a “minor one-hour procedure with major results,” abruptly shut down a majority of its 40 surgery centers Monday and announced it would consider filing for bankruptcy.
Lifestyle Lift, often featured in informercial-like advertisements claiming to allow consumers to “look as young on the outside as you feel on the inside,” specializes in less-invasive facelift procedures that require only local anesthesia and short recovery periods.
In a letter sent to employees over the weekend, Dr. David Kent – the founder of the company – said he made the “decision to temporarily cease operations until further notice.”
“The future of the Company is uncertain and therefore it is currently developing both a wind down plan to close the business and a reorganization plan to accommodate a new investment,” the letter states.
Initial filings reveal this to be a Chapter 7/No Assets bankruptcy, suggesting that Lifestyle Lift does not intend to restructure its debt and continue operations, thereby ending the company’s controversial 14-year career.