A grand nail salon and an umstad spa in Grand Rapids are in trouble, according to a new report from the Michigan Department of Financial Institutions.
The department’s report details a range of financial woes for several Grand Rapids businesses that are being blamed for the problems.
One of the companies, Urban Hair and Body in Grandville, had $1.3 million in cash in the bank, while the other, Urban Beauty in Grand Haven, had about $700,000 in the account.
The report found that the financial woes of the two companies have been largely driven by a lack of investment in their respective businesses.
It also noted that there are no financial statements available from the companies to substantiate the claims of poor financial health.
In addition to the two Grand Rapids companies, several other businesses are in danger of losing their license.
One business, Grand Valley Dental, is in the midst of an audit and is in jeopardy of losing its license, according, according a news release from the department.
The state’s Office of the Auditor General said it is also conducting an investigation of the other businesses in the state.
The two Grandville businesses, Urban Barber and Spa and Urban Beauty, are among the four businesses that have lost their license due to a lack the state has provided in their financial statements, the news release said.
The Grand Rapids business is one of several businesses that will have their licenses revoked or revoked for failing to comply with the state’s requirements.
The businesses were required to have a certified financial statement that included an accurate balance sheet and accurate information about the businesses assets, liabilities and revenues.
The audit also found that those accounts did not contain sufficient funds to cover the fees that are required to operate the businesses, including taxes and penalties.
The other businesses were also failing to have their business licenses renewed and the state issued them a letter of revocation for failing their financial requirements.
According to the audit, the state had no information on the number of licenses that have been revoked.
The companies’ financial statements were not included in the audit report.
The Michigan Department for the Environment also issued a statement Tuesday saying that it is “deeply concerned” about the situation at two Grand Valley businesses.
The statement said the two businesses have received multiple requests to cease operations and that the state is “actively monitoring the situation.”
“The department does not yet have an answer as to what the state of emergency means,” the statement said.