Revlon Inc, a cosmetics company, is poised to file for Chapter 11 bankruptcy protection as soon as next week, according to the Wall Street Journal, citing people familiar with the situation.
Revlon did not immediately react to a media request for comment after its stock dropped 46 percent.
According to the Wall Street Journal, the lipstick producer initiated negotiations with lenders ahead of upcoming debt deadlines to try to keep the company out of bankruptcy.
As of the end of March, Revlon had $3.31 billion in long-term debt.
In recent months, demand for cosmetic products has increased as more individuals across the world go out. Revlon, on the other hand, which is up against intense competition from digitally native startup brands, announced in March that supply chain restrictions were limiting its ability to meet demand.
Revlon was initially rumored to be intending to file for bankruptcy by Reorg Research.
