At the beginning of the month, there were some rumblings that Stila was going bankrupt, and you were not loving the news. Nor was I. Well, happy day, because Stila has been saved. Patriarch Partners LLC, a private equity firm that specializes in restructuring distressed brands, has acquired the much-loved makeup brand.

"This is a company we think we can get back on its feet quickly," said Lynn Tilton, CEO of Patriarch. "When we acquire brands, we look at two things: do they have a great product, and do they have strong brand recognition? We think we’re two for two with Stila," she told WWD.

While the Stila website is not back in action as of yet, Patriarch has plans to rehire core Stila employees and expand into the Chinese market. And in a techie move that we've all made, expect to see Stila making appearances on Facebook and Twitter, too.

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