Accoridng to bankruptcy court documents, Perfumania exited Chapter 11 bankruptcy after a plan to pay off many of its lenders with cash and release stockholders for $2 a share was approved by the court. The company filed for bankruptcy in August.

NewHoldCo, the newly formed private company that owns and operates Perfumania under its bankruptcy plan, is backed by Rene Garcia and the Nussdorf Family, which founded the fragrance retailer and wholesaler in 1980 and owned a substantial portion of the company’s publicly traded stock prior to its filing.

Prepetition lender Wells Fargo provided a $100 million exit facility in addition to a $83.8 million asset-based revolving credit facility to support the plan.

In bankruptcy, the company asked to shed some 161 unexpired leases, according to Perfumania’s restructuring plan. At the time of filing, it operated 227 stores.

CEO Michael Katz said in a statement at the time of filing that Perfumania had been “working diligently to amend its business model, reduce its cost structure, improve supply chain efficiency, optimize marketing, reduce expenses and improve operating results long-term.” It was also closing underperforming stores. In Q1/17 the company closed 43 stores, according to Securities and Exchange Commission filings. The Chapter 11 filing is meant to accelerate those efforts, Katz said.

Perfumania Holdings is a specialty retailer and distributor of fragrances and related beauty products across the U.S.