Revlon ‘preparing bankruptcy filing this week’
Revlon is preparing to file for chapter 11 bankruptcy protection as soon as this week, according to financial media reports.
The Wall Street Journal reported the cosmetics giant has held talks with lenders ahead of a looming deadline to finance debt repayments of around $1.7 billion.
The company is also struggling with stiff competition in the cosmetics business, as well as inflation and supply-chain pressures, it said.
Revlon is owned by billionaire Ron Perelman’s MacAndrews & Forbes private equity firm.
A bankruptcy filing could end Perelman’s control of Revlon since 1985.
As of 13 June, Revlon’s share price has fallen to $1.80 from around $16 a year ago.