Anyone who knows makeup knows that Pat McGrath and her company Pat McGrath Labs dominated the makeup space years ago. Those same folks might be taken aback to learn that the company is filing for bankruptcy. Founded by namesake makeup artist Pat McGrath in 2015, the company filed on Jan. 22, according to court documents obtained by USA Today. When it comes to Chapter 11 bankruptcy, the move is more so seen as an emergency brake for businesses, which allows a company to reorganize with the help of a debtor. The business and the debtor then enter into a partnership and develop a plan to pay back creditors over time.