The Strategist

Revlon files for bankruptcy



06/17/2022 - 10:31



Revlon, a cosmetics company, has filed for bankruptcy. Following the outbreak of the pandemic, the firm, which was formed 90 years ago, has seen a drop in sales.



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Revlon, the American cosmetics company founded in 1932, has filed for bankruptcy. The corporation owed more than $3.3 billion as of March 31.

"We want to streamline our capital structure and considerably decrease our debt," Revlon CEO Debra Perelman stated.

According to The Wall Street Journal, the firm said in May that its lenders had agreed to temporarily extend its credit lines to $32 million and that it planned to acquire further funds through a public stock offering.

Revlon unexpectedly averted bankruptcy in late 2020, when people cut their expenditure on cosmetic items due to a pandemic. A significant amount of the company's bondholders participated in the debt restructuring at the time. The company's sales dropped 22% last year compared to 2017.

source: cnbc.com


 




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