Beauty sponge brands to sell off after $1 billion loss

Beauty sponge makers Wal-Mart and BeautySoup are going to sell their brands for as much as $1.1 billion, according to Axios.

The company said it expects the sale price to be closer to $1 trillion.

Wal-mart has been the biggest loser among beauty sponge makers in the past year.

The retail giant reported a loss of $1,500 million for the year ended June 30, 2016, and its shares dropped more than 50 percent.

It also reported a $1 million net loss.

The beauty sponge maker, which makes everything from lip gloss to hair care products, was worth $7.4 billion as of June 30.

In July, the company said its stock price was $1 per share.

BeautySour.com was founded in 2014 by beauty sponge owner Kimberly-Clark Co. and operates in more than 100 countries.

It said in June it planned to sell its assets, including brands like The Daily Balm, Beauty Sponge, and the BeautySponge.com beauty products business, to fund the acquisition of a minority stake in its sister company, BeautySpore.com.

The business was valued at $9 billion as recently as March.