Cosmetics maker Revlon Inc is preparing to file for chapter 11 protection, citing people familiar with the matter. Revlon, whose shares declined 46%, did not immediately respond to the media request for comment. The article is about Cosmetics Maker Revlon Nears Bankruptcy Filing.
The lipstick maker began talks with lenders ahead of looming debt maturities to try to steer the business clear of bankruptcy; the WSJ reported the beginning of June 2022.
Revlon had long-term debt of $3.31 billion as of end-March. 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 2022. In addition, it faced supply chain constraints that hurt its ability to service demand.
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