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Revlon, the American multinational cosmetics, skincare, fragrance, and personal care firm headquartered in New York City, is close to filing for bankruptcy. It was reported that due to the company’s huge debts, the only option left is the chapter 11 filing.
According to The Wallstreet Journal, Revlon, which is owned by Ron Perelman’s MacAndrews & Forbes, is now preparing to file for chapter 11, and it will be done as soon as next week to protect the company. It was revealed that it has been struggling to cope for years due to its huge pile of debt coupled with the recent inflation, supply chain issues, and rigid competition in the cosmetics market worldwide.
The company has also been working on finding solutions through restructuring talks with top-ranking lenders. The meetings are taking place ahead of Revlon’s debt maturities that will start next year. It was reported that the bankruptcy filing may possibly put an end to Perelman’s control of the firm that his private equity company purchased in 1985.
Then again, despite the reports, a person familiar with the matter said that the situation is fluid and the bankruptcy filing is still not certain. It was noted that the company’s shares fell by 53% on Friday, June 10, to $2.05 per share, and Revlon refused to comment on the issue.
Despite the decline in shares, Revlon’s sales were said to have rebounded by eight percent in the last quarter as the shopping habits of the people are starting to return to the pre-COVID levels. Still, its outlook remained challenged by its need to raise capital for its liquidity requirements based on the April report from the S&P Global Ratings.
Likewise, as reported by the Business Standard, the demand for cosmetic products is slowly bouncing back, and sales have been great in recent months as people around the world are starting to go out and shop more often. But for Revlon, while its sales went up slightly, it is still facing stiff competition against old and new cosmetic brands. Finally, it has yet to be seen if the company will push through with the chapter 11 filing in a few weeks’ time.
