Revlon Filing for Bankruptcy

Revlon Filing for Bankruptcy

Word has it that the Cosmetics giant is preparing to file for Chapter 11 bankruptcy. This could take place as soon as next week.

Distressed debt news provider Reorg first reported on the potential bankruptcy, highlighting how Revlon’s shares plunged 53 percent, the biggest one-day drop on record, on Friday to close at $2.05.

New York-based Revlon has struggled to compete with competition from Estée Lauder Cos. and a host of other companies that have successfully used social media to lure customers. Sales had been declining years before the pandemic, which also hit the company hard.

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