NEW YORK (AP) -- The Federal Trade Commission said Monday that hair replacement and restoration company Bosley Inc. has agreed to settle allegations it violated antitrust law by coordinating with its competitor Hair Club.
The FTC said the two companies violated antitrust law by sharing nonpublic information about minimum prices for their offerings, discounts, future products, plans for business expansion, and the state of their businesses. The agency said the violations happened over at least four years and that Bosley provided similar information to other competitors.
Bosley is owned by Aderans Co. of Japan, and Hair Club is owned by Regis Corp. In July Aderans agreed to buy Hair Club for $163.5 million.
The agency said Bosley won't communicate nonpublic information to its competitors in the future and won't ask for or encourage any of its competitors to share similar information. The company will also institute an antitrust compliance program. It will submit periodic reports to the FTC and will notify regulators before making any charges that affect its compliance with the settlement.