IMG Holdings: 93-Year-Old Fragrance Empire's 78-Day Chapter 11 Sprint

IMG Holdings LLC, the owner of legacy fragrance brands Tabu, Love's Baby Soft, English Leather, Chantilly, and British Sterling, filed for chapter 11 bankruptcy on August 11, 2025, in the District of Delaware. The case moved quickly—from petition to sale approval in 78 days—transferring these mid-century American perfume brands to Dana Heritage Finanz St. Honore Beauty. The company, doing business as Dana Classic Fragrances, generated approximately $4 million in gross sales in 2024 while carrying over $64 million in secured debt—a 16:1 liability-to-revenue ratio associated with the company's years as a Patriarch Partners portfolio company and the Zohar CLO funds.

The filing marks the second bankruptcy in the Dana Perfumes lineage. Renaissance Cosmetics, then Dana's parent company, filed chapter 11 in June 1999 before being sold and rebranded as New Dana Perfumes. That entity eventually transferred the brands to Dana Classic Fragrances in November 2003. The 2025 bankruptcy followed changes in the fragrance market, including sustainability expectations, AI-powered fragrance development, and luxury fashion houses entering the fragrance business.

House of Dana: From Barcelona to Bankruptcy

The story of Dana Classic Fragrances begins in the 1930s. Javier Serra founded the House of Dana in Barcelona, Spain, in 1932, choosing the name "Dana" because it was short and sounded pleasing in all languages. The name also referenced Greek mythology: Danae was the goddess of music and poetry and the mother of Perseus by Zeus.

The birth of Tabu. The flagship fragrance that would define the House of Dana arrived on August 22, 1932. Tabu was created by French perfumer Jean Carles, who later composed Miss Dior, Ma Griffe, and Shocking de Schiaparelli. The fragrance's name came from a source of inspiration: according to fragrance historians, Serra was walking down a street in Nice, France, when he caught sight of a new Sigmund Freud book titled "Totem & Taboo".

Tabu became one of the first "oriental" scents and one of the heaviest fragrances on the market, pioneering a category that would inspire later oriental fragrances including Tuvara (1948) and Estée Lauder's Youth Dew (1951). The marketing used a long-running print advertisement reproducing the 1901 painting "The Kreutzer Sonata" by René-Xavier Prinet under the tagline "Tabu, the forbidden fragrance."

The American chapter begins. The House of Dana's trajectory changed in 1940. When German forces occupied Paris during World War II, Dana transferred its operations to the United States. The company established its headquarters in New York, where management would continue to oversee global operations for the next eight decades.

The company expanded its portfolio through mid-century America. Canoe launched in 1936 as a men's fragrance. Chantilly debuted in 1941. English Leather arrived in 1949 as another men's fragrance. These were mass-market fragrances sold through department store and drugstore distribution.

The 1990s Acquisition Spree.

Dana's portfolio expanded in the 1990s when the company acquired licenses to multiple legacy fragrance brands that had lost their original corporate homes. British Sterling, Toujours Moi, Monsieur Musk, Heaven Sent, and Navy for Women all joined Dana's portfolio during this period.

Love's Baby Soft: Icon of the 1970s. The scent made its debut in 1974, arriving in its distinctive "bullet" shaped pink bottle with a soft, powdery scent that became a well-known 1970s fragrance. The brand was originally created by Love Cosmetics, launched in 1969 by Menley and James Laboratories, itself an imprint of pharmaceutical company Smith & Kline.

Love's Baby Soft drew controversy for its advertising campaign, which used the tagline "Because innocent is sexier than you think". The marketing approach shifted in the 1980s, pivoting from the "sexy baby" imagery to tomboy presentations.

Debtor Entity Structure.

The chapter 11 filing encompassed six jointly administered entities, reflecting the complex corporate structure that developed through decades of acquisitions, licenses, and private equity ownership:

The First Bankruptcy: Renaissance Cosmetics (1999)

The 2025 bankruptcy was not the first time these fragrance brands navigated chapter 11. The prior restructuring provides context for the current case.

In June 1999, Renaissance Cosmetics, then Dana Perfumes Corp.'s parent company, filed for chapter 11 bankruptcy. The company was sold just two months later in August 1999 to Dimeling, Schreiber & Park, which rebranded the business as New Dana Perfumes. This entity operated the brands for four years before selling all brands including Tabu to Dana Classic Fragrances in November 2003.

The 1999 bankruptcy marked a prior restructuring in the brand lineage.

Patriarch Partners and the Zohar CLO Collapse

The current chapter 11 case includes IMG Holdings' relationship with Patriarch Partners and the financing structure behind its debt load. IMG Holdings was a portfolio company of Patriarch Partners, the private equity firm founded by Lynn Tilton.

The Zohar fund structure. Patriarch Partners created a series of collateralized loan obligation (CLO) funds—Zohar I, Zohar II, and Zohar III—that raised more than $2.5 billion beginning in 2003 by selling securities to investors. These funds made loans to distressed companies that Patriarch acquired or controlled, creating a structure where the same party that controlled the borrowing companies also managed the lending funds. The loans to portfolio companies like IMG Holdings represented the collateral backing the CLO securities sold to outside investors.

Years of litigation. The Zohar structure became the subject of legal and regulatory scrutiny. The funds faced legal battles with bond insurer MBIA Inc., which had made a $149 million payment after one of the CLOs defaulted on some notes. In 2015, the U.S. Securities and Exchange Commission filed civil fraud charges against Patriarch Partners and Lynn Tilton, alleging lack of disclosure about poor performance of assets within the Zohar CLOs. Both Patriarch and Tilton denied wrongdoing, and the charges were eventually resolved.

The disputes intensified in 2016 when the Zohar funds themselves sued Lynn Tilton's Patriarch Partners, alleging mismanagement of the funds and accusing Tilton of stealing more than $1 billion. The fraud suit alleged that the funds were at risk of default due to how Patriarch had managed the portfolio companies and their debt obligations.

Zohar bankruptcy. The Zohar funds filed for bankruptcy in 2018 when Patriarch Partners placed the three CLO funds into bankruptcy.

Prepetition litigation against IMG Holdings. In August 2020, Patriarch Partners Management Group, LLC filed a contract lawsuit against IMG Holdings, Inc. in the U.S. District Court for the Southern District of New York. The lawsuit named multiple related entities as defendants, including Dana Fragrance Brands, LLC, IMG Fragrance Brands, LLC, St. Honore Holding, Inc., Dana Classic Fragrances, Inc., and Inter-Marketing Group, Inc. The case was assigned to Judge Andrew L. Carter, Jr.

Precipitating Factors: Why IMG Holdings Filed

The chapter 11 filing reflected factors that rendered the company's capital structure unsustainable.

Debt-to-Revenue Imbalance.

The company listed over $64 million in secured debt against estimated assets of $1 million to $10 million. Annual gross sales were:

A 16:1 ratio of secured debt to annual revenue limited the company's capacity to service debt. The company also carried approximately $500,000 of unsecured trade debt.

Industry Transformation.

The fragrance industry changed between the launch of Tabu in 1932 and the market Dana faced in 2025. Several shifts affected classic mass-market fragrance brands.

The niche fragrance shift. Consumer preferences have shifted toward premium, artisanal, and niche fragrances. Luxury fashion brands including Bottega Veneta, Balmain, and Rabanne have entered the fragrance market to participate in the niche fragrance boom.

Consumer quality focus. Over 60% of consumers in developed markets now prefer investing in a single high-quality fragrance rather than maintaining collections of multiple less expensive scents.

Sustainability as baseline. Sustainability has shifted from a differentiator to a baseline expectation in the fragrance industry.

Technological disruption. In March 2025, Osmo launched Generation, described as the first AI-powered fragrance house in the world.

Legacy of Serial Distress.

The 1999 Renaissance Cosmetics bankruptcy provides an earlier example of restructuring in the brand lineage.

Expedited 363 Sale Process

IMG Holdings pursued a rapid timeline from the moment of filing, seeking to complete a section 363 sale.

One Day from Filing to Sale Motion.

The sale motion was filed one day after the chapter 11 petition.

Sale Structure and Buyer.

The buyer was Dana Heritage Finanz St. Honore Beauty. The sale transferred substantially all assets to the buyer.

DIP Financing and Cash Collateral

The debtors required postpetition financing to fund operations through the expedited sale process.

The DIP and cash collateral orders authorized postpetition financing and cash collateral use. The final orders were entered at the September 8, 2025 omnibus hearing.

Adversary Proceeding: Icebox-Scoops Dispute

The case included an adversary proceeding related to the sale process.

Automatic Stay Enforcement.

On September 8, 2025—the same day final DIP and cash collateral orders were entered—the debtors initiated an adversary proceeding (Case No. 25-52343) against Icebox-Scoops, Inc. The adversary complaint sought enforcement of the automatic stay, a temporary restraining order, and a preliminary injunction against the defendant.

The court granted the temporary restraining order two days after the complaint was filed. The TRO related to actions the debtors characterized as violations of the automatic stay.

Sale Objection.

Icebox-Scoops subsequently filed a formal objection to the sale process:

The "limited objection and reservation of rights" language indicated that Icebox-Scoops sought to preserve certain claims or positions without necessarily blocking the entire sale transaction. The sale order was entered on October 28, 2025, 22 days after the objection was filed.

Professional Retentions and Fee Applications

The professional retention structure was limited.

Core Restructuring Team.

Chipman Brown, a Delaware-based bankruptcy firm, served as lead counsel throughout the case. Larry Thompson served as Chief Restructuring Officer, providing declarations in support of various case motions and the sale process.

Ordinary Course Professionals.

The debtors retained certain professionals in the ordinary course of business:

Fee Application Timeline.

Chipman Brown filed monthly fee applications throughout the case, with final approval coming after the case dismissal:

First Day Relief and Key Orders

The first day hearing on August 13, 2025, produced the standard suite of interim relief orders necessary to maintain operations:

The September 8, 2025 omnibus hearing converted interim orders to final orders and addressed additional administrative matters:

Case Dismissal and Closure

Following consummation of the sale, the debtors moved to dismiss the chapter 11 cases rather than proceeding to plan confirmation.

The case closed 100 days after the petition date.

Fragrance Industry Landscape

The IMG Holdings bankruptcy occurred amid growth and transformation in the global fragrance industry.

Market Size and Projections.

The fragrance market is growing, and Europe accounted for the largest regional revenue share at 35.9% in 2024. American legacy brands like Dana operate in a market led by European luxury houses in the prestige segment.

Industry Dynamics Affecting Legacy Brands.

Key Timeline

Frequently Asked Questions

What brands did IMG Holdings/Dana Classic Fragrances own?

The company owned a portfolio of legacy fragrance brands including Tabu (1932), Canoe (1936), Chantilly (1941), English Leather (1949), and Love's Baby Soft (1974). Through acquisitions in the 1990s, Dana also added British Sterling, Toujours Moi, Monsieur Musk, Heaven Sent, and Navy for Women to its portfolio. Many of these brands were widely distributed in the U.S. during the mid-to-late 20th century.

What is the history of the House of Dana?

The House of Dana was founded in Barcelona, Spain, in 1932 by Javier Serra. The flagship fragrance Tabu—created by perfumer Jean Carles, who later composed Miss Dior and Ma Griffe—launched on August 22, 1932. Operations transferred to the United States in 1940 when German forces occupied Paris during World War II. The New York office has managed global operations since that wartime relocation.

Why did the company file for bankruptcy?

The company faced a debt-to-revenue ratio of approximately $4 million in annual gross sales against over $64 million in secured debt—a 16:1 liability-to-revenue imbalance. The debt burden was associated with the company's years as a Patriarch Partners portfolio company and the Zohar CLO funds.

Is this the first bankruptcy for these fragrance brands?

No. This represents the second chapter 11 filing in the Dana Perfumes lineage. Renaissance Cosmetics, then Dana's parent company, filed for chapter 11 in June 1999. That company was sold in August 1999 to Dimeling, Schreiber & Park, which rebranded the business as New Dana Perfumes. The brands were subsequently sold to Dana Classic Fragrances in November 2003.

What is the Patriarch Partners connection?

IMG Holdings was a portfolio company of Patriarch Partners, the private equity firm founded by Lynn Tilton. Patriarch's Zohar CLO funds raised over $2.5 billion beginning in 2003, making loans to portfolio companies including IMG Holdings. After years of legal disputes—including SEC fraud charges in 2015 and suits by the Zohar funds against Tilton in 2016—the Zohar funds themselves filed bankruptcy in 2018. The unresolved debt from this structure contributed to IMG Holdings' unsustainable leverage.

Who bought the fragrance brands?

Dana Heritage Finanz St. Honore Beauty acquired substantially all assets through the section 363 sale. The sale order was entered on October 28, 2025, 78 days after the chapter 11 filing.

What was the adversary proceeding about?

The debtors filed an adversary proceeding against Icebox-Scoops, Inc. seeking enforcement of the automatic stay imposed by the bankruptcy filing. The court granted a temporary restraining order on September 10, 2025, just two days after the complaint was filed. Icebox-Scoops subsequently filed a limited objection to the sale on October 6, 2025, but the sale order was entered on October 28, 2025.

Who created Tabu and why is it historically significant?

Tabu was created by French perfumer Jean Carles, who later created Miss Dior, Ma Griffe, and Shocking de Schiaparelli. Tabu was one of the first "oriental" scents and one of the heaviest, pioneering a fragrance category that would inspire later classics including Youth Dew (1951). The name was reportedly inspired by Sigmund Freud's book "Totem & Taboo."

What made Love's Baby Soft controversial?

Love's Baby Soft launched in 1974 as a soft, powdery scent in a distinctive pink "bullet" bottle and became a well-known 1970s fragrance. Its advertising campaign used the tagline "Because innocent is sexier than you think", which drew criticism for its juxtaposition of innocence and sexuality. Marketing shifted in the 1980s from the "sexy baby" imagery to tomboy presentations.

What is the outlook for the fragrance industry?

The global fragrance market is projected to grow from $76.71 billion in 2025 to $112.46 billion by 2030, a 7.95% compound annual growth rate. The niche fragrance boom includes luxury fashion brands entering the market, and over 60% of consumers prefer a single high-quality fragrance. Industry observers note signs of market maturation heading into 2026.

Who is the claims agent for IMG Holdings?

Stretto, Inc. serves as the claims and noticing agent. The firm maintains the official claims register and distributes case notifications to creditors and parties in interest.

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