A widespread dilemma found a cosmetics company made in the United States Revlon in the tournament. Reports say the brand is on the verge of filing for Chapter 11 bankruptcy due to a long decline in sales, unmet supply chain demands, and more. It has now become a near reality for the company, which is also home to brands such as Almay, Elizabeth Arden New York, Mitchum and CND, to name a few.
Reuters recorded a record drop as shares of Revlon fell 46% on Friday, June 10. Shares of the company now stand at $1.17 per share. According Daily Women’s ClothingRonald Perelman, the brand’s largest shareholder, began liquidating his assets in 2020, illustrating the company’s decline.
fashion company went on to confirm that “its annual interest expense was nearly $248 million last year and that it reported $132 million in cash as of March 31.” The publication also noted a callback in May with chief executive Debra Perelman, where she acknowledged the company’s decline and expressed an inability to meet demand for products with inflation at an all-time high.
Revlon’s potential bankruptcy is also partly caused by more than $3 billion in long-term debt. Hoping to steer the company away from bankruptcy in 2020, Revlon sought out several potential lenders to help with the accumulated debt, as reported by the fashion company. Although it was unable to meet its funding goal, it secured the refinancing of $1.8 billion in debt.
Seduce has contacted representatives for Revlon, who declined to comment at this time.
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