Cosmetics firm Revlon nears bankruptcy filing

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.

Latest articles

Pirates of the Caribbean actor ‘Tamayo Perry’ killed in shark attack

Tamayo Perry, an actor from Pirates of the Caribbean, has died after a shark attack while surfing in Hawaii. The 49-year-old passed away on...

Rising sea levels can disrupt millions in US by 2050

Rising sea levels due to global warming are set to disrupt the lives of millions of Americans by 2050, according to a new study....

900,000 children pushed to poverty in UK: Report

The poverty crisis in the UK, which has deepened over the past 14 years, has been starkly revealed in two reports detailing the severe...

China, EU to talk on electric car tariff hike

The risk of rising Chinese electric car prices in the EU might be diminishing after both parties agreed to negotiate a series of planned...

Related articles