Enlarge/ The beauty salon chain, the longest running in the United States, will close by the end of the year.
The chain, which has over 1,000 locations, will begin a reorganization in December and close its doors at its current location in New York.
Its owner, COSMO, announced in April that the company would close the New York-based company by the close of business on March 31.
The company will also sell the remaining remaining assets of COSME, including its offices in New Orleans, for $300 million, according to CNBC.
COSMO had been valued at $5 billion, CNBC reported at the time.
Since its launch in 1972, COTM has grown to become one of the largest beauty supply chains in the country and has earned more than $1 billion.
According to its website, COTS is the nation’s largest independent supplier of makeup and hair products to more than 6,000 beauty salons and salons in over 50 states and territories.
A spokesperson for COTMs owners said that it was a difficult decision to close the business, but was a natural one.
“As we work to move forward, we thank our loyal customers and all of the associates who helped build the brand,” the spokesperson said.
“As we prepare to close our doors, we will continue to focus on our core business.
COTMs is one of just six beauty supply chain companies to have reached the end-of-life decision.
The other three were the cosmetics and hair supply chain for Cosme, L’Oréal, and Urban Decay.