Walk past a school supply aisle in 1996 and your retinas would practically sizzle. Fluorescent pinks, neon purples, and those iconic rainbow-maned unicorns were everywhere. If you didn't have a Hunter the Leopard Trapper Keeper, were you even in elementary school? But then, seemingly overnight, the neon faded. The folders disappeared.
Is Lisa Frank still in business?
Technically, yeah. But it isn't the same powerhouse that used to rake in $60 million a year. The company has morphed from a manufacturing titan into a ghost-ship licensing brand. You won't find hundreds of artists at the Tucson headquarters anymore—honestly, the building is mostly a giant, colorful shell of its former self.
The Current State of the Rainbow: Is Lisa Frank Still in Business?
If you go to the official website today, you’ll see stuff for sale. Plushies, crocs, and even high-end crossbody bags. But here is the kicker: Lisa Frank Inc. doesn't actually make most of this.
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Back in the day, they did everything in-house. Now? They’ve pivoted entirely to a licensing model. This means they lend their famous artwork to other companies—like Morphe, Crocs, or Kitsch—who do the heavy lifting of manufacturing and shipping.
What happened to the "Rainbow Gulag"?
It’s a heavy nickname. In 2024, Amazon Prime Video dropped a docuseries called Glitter and Greed: The Lisa Frank Story. It wasn't exactly a glowing review. Former employees described a workplace that was the polar opposite of the "joy and sparkles" the brand sold to the world. We're talking about allegations of extreme secrecy, verbal abuse, and a high-stress environment that felt more like a fortress than an art studio.
The giant 320,000-square-foot factory in Tucson, Arizona, became a local legend for all the wrong reasons. Once a bustling hub with 500 employees, the staff eventually dwindled to a handful of people. By 2013, the factory officially shuttered its production doors. For years, the building sat there with its rainbow loading docks fading under the desert sun, looking like a discarded toy.
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The 2026 Resurgence
Nostalgia is a hell of a drug. Millennials who grew up on Markie the Unicorn now have their own disposable income, and they want to buy back their childhoods.
- Beauty Collabs: In late 2025 and early 2026, the brand saw a massive spike in relevance through a partnership with Kitsch. They released satin pillowcases and hair accessories that sold out almost instantly.
- Digital Moves: They’ve tried to stay hip with coloring apps and digital invitations via Evite.
- The Next Generation: Lisa’s son, Forrest Green, took over as Director of Business Development a few years back. He’s the one credited with reviving the brand’s Instagram and leaning into "nostalgia capitalism."
Why you can’t find it in stores like you used to
You might see a random Lisa Frank coloring book at a Dollar General, but the days of entire aisles dedicated to the brand are over. Retailers are picky. Digital schooling has also taken a massive bite out of the stationery market. Who needs a decorated pencil case when every kid has a Chromebook?
The company now focuses on "drops." Limited edition releases that create hype on social media. It’s a smarter business move for a smaller team, but it feels different for those of us who remember the bins of stickers at the local mall.
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The Truth About the Tucson Headquarters
Is the factory open? Kind of.
In late 2023, the brand’s TikTok posted a "We're back" video showing the iconic building. While it sparked rumors of a full-scale reopening, it was more of a marketing signal. The interior remains mostly empty or used for limited warehouse fulfillment and office space for the tiny remaining team. The building itself has been on and off the market for lease or sale for over a decade. It’s a landmark of a different era.
What Most People Get Wrong
People think Lisa Frank "went bankrupt" and vanished. That’s not quite right. While there were messy lawsuits (including a high-profile legal battle between Lisa and her ex-husband James Green over company control), the brand never actually died. It just went into hibernation.
They’ve successfully pivoted to being an "intellectual property" company. They own the art, and that art is timeless. As long as there are people who love neon tigers and psychedelic aliens, the brand has value.
Actionable insights for fans and collectors:
- Check the Collabs: If you want high-quality stuff, look for the official partnerships. The Morphe palettes and Kitsch accessories are generally better quality than the "vintage" items you'll find on eBay that might have dried-out glue or faded ink.
- Follow Social Media: Since they don't have a steady retail presence, Instagram and TikTok are the only ways to know when a new "drop" is happening.
- Verify Vintage: If you're buying original 90s gear, be careful. A lot of those old stickers lose their "stick" after 30 years.
The rainbow isn't gone; it’s just smaller and a lot more strategic. Lisa Frank is still the CEO, the art is still hers, and the neon is still bright—even if the factory floor is a lot quieter than it used to be.