World's popular cosmetics company to file bankruptcy???
World's popular cosmetics company to file bankruptcy???
Revlon Inc. (Revlon), the world's popular cosmetics company, is preparing the ground to file for Chapter 11 bankruptcy amid heavy debt burden and supply chain conflicts. This matter has been revealed in a Bloomberg report. At present, only a discussion is going on this. Changes can be made in this direction. The report said that Revlon declined to comment.
Revlon shares fallThe effect of this news has also been seen on the stock of Revlon. Shares of Revlon fell 52.76 percent in a single day on Friday. Revlon's potential bankruptcy was first reported by Reorg. It is a news outlet that exclusively covers debt-related matters. It is known that based out of New York, Revlon is owned by MacAndrews & Forbes, the holding company of billionaire Ron Perelman.
Revlon is facing tough competition from its old rival Estee Lauder and several smaller brands that are doing the rounds on social media. The company's sales have reportedly already declined due to the Covid-19 pandemic.
Revlon has been reported to have long-term debts of over $3 billion and has been able to avoid default on several occasions. The cosmetics giant spent $248 million in annual interest last year. The cosmetic giant, which has customers in over 150 global markets, has over 15 brands in its portfolio.
Revlon Inc. (Revlon), the world's popular cosmetics company, is preparing the ground to file for Chapter 11 bankruptcy amid heavy debt burden and supply chain conflicts. This matter has been revealed in a Bloomberg report. At present, only a discussion is going on this. Changes can be made in this direction. The report said that Revlon declined to comment.
Revlon shares fallThe effect of this news has also been seen on the stock of Revlon. Shares of Revlon fell 52.76 percent in a single day on Friday. Revlon's potential bankruptcy was first reported by Reorg. It is a news outlet that exclusively covers debt-related matters. It is known that based out of New York, Revlon is owned by MacAndrews & Forbes, the holding company of billionaire Ron Perelman.
Revlon is facing tough competition from its old rival Estee Lauder and several smaller brands that are doing the rounds on social media. The company's sales have reportedly already declined due to the Covid-19 pandemic.
Revlon has been reported to have long-term debts of over $3 billion and has been able to avoid default on several occasions. The cosmetics giant spent $248 million in annual interest last year. The cosmetic giant, which has customers in over 150 global markets, has over 15 brands in its portfolio.