Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Cosmetics maker Revlon nears bankruptcy filing - WSJ

Published 06/10/2022, 03:36 PM
Updated 06/10/2022, 03:41 PM
© Reuters. A Public Safety officer keeps watch as people stand in front of  a billboard owned by Revlon that takes their pictures and displays them in Times Square in the Manhattan borough of New York October 13, 2015. REUTERS/Carlo Allegri/Files

(Reuters) - Cosmetics maker Revlon Inc is preparing to file for chapter 11 protection as soon as next week, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Revlon, whose shares declined 46%, did not immediately respond to a Reuters request for comment.

The lipstick maker began talks with lenders ahead of looming debt maturities to try to steer the business clear of bankruptcy, the WSJ reported last week.

Revlon had long-term debt of $3.31 billion, as of end-March.

© Reuters. A Public Safety officer keeps watch as people stand in front of  a billboard owned by Revlon that takes their pictures and displays them in Times Square in the Manhattan borough of New York October 13, 2015. REUTERS/Carlo Allegri/Files

Demand for makeup products has bounced back in recent months as people across the world venture out more often. But Revlon, which faces stiff competition from digital-native upstart brands, said in March it faced supply chain constraints that hurt its ability to service demand.

Reorg Research first reported Revlon was planning to file for bankruptcy.

Latest comments

Hard to believe that LVMH put them out of business. Now what can I buy at WAG or CVS?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.