Revlon reportedly near to bankruptcy filing
Cosmetics manufacturer Revlon is reportedly filing for Chapter 11 bankruptcy as soon as this week, as it faces supply chain issues and large debt.
Bloomberg has cited sources that say the potential filing is not final yet and could still change. Another source added that Revlon has talked with creditors and that the equity ownership could change to save the business.
The business reportedly has long-term debt of £2.8 billion, as of end-March 2022. In a financial results call in May, Revlon's Chief Executive Officer Debra Perelman said that while demand for the product remained strong, the company was "facing supply chain pressures to meet this demand", and that inflation was impacting margins.
In response to reports of a potential bankruptcy filing Revlon's shares dropped 53% on 10 June, and have stabilised at $2.05 USD on 13 June.
Revlon operates over 15 brands including Elizabeth Arden and Britney Spears Fragrances in almost 150 countries.