Another victim of the economy, J.M. Products, Inc. — one of the largest manufacturers of ethnic hair care products in the U.S. and the largest Black owned company in the state of Arkansas has filed for Chapter 11 bankruptcy.
The 32-year-old company got its start in Little Rock. Now its products are found in beauty stores and salons throughout the nation. Brands include ISOPLUS, Natural Remedy, UpTURN, and Black Magic. All product brands I’m sure just about everyone has heard of.
The company got its start as a one man operation in the mid-seventies. Now it employs between 70 and 100 people.
The founder of the company Ernest Joshua Sr. died in 2005 and currently being operated by his son Michael Joshua.
In the filing J.M. product’s management linked its financial trouble to reduced advertising and a fire two years ago.
It all seems to be a bit of bad news, and sound as if more layoffs may very well be added to the growing number of people unemployed, but Lance Turner Arkansas Business Internet Editor seems to think the Chapter 11 filing could help protect J.M. Products from its more than 100 creditors. The largest being Bank of America with a bill of more than $8 million.
According to Today’s THV, if Turner is right, despite a reported debt between $10 and $50 million dollars, J.M. products could bounce back and continue to be a staple in hair care.[mashshare]