Why is Elf Cosmetics closing down?

Could you elaborate on the reasons behind the closure of Elf Cosmetics? Have there been financial difficulties, changes in the market, or perhaps a strategic decision by the company? What implications does this have for the industry as a whole, and how might it affect the competition? Also, what measures is the company taking to ensure a smooth transition for its customers and employees? It's quite surprising to see a brand with such a strong presence in the market suddenly closing down, so there must be significant factors behind this decision.