Revlon files for bankruptcy

Cosmetic company Revlon bankrupt after 90 years, the brand cited supply chain disruptions as a contributor to the bankruptcy. Revlon claimed during its ...

Cosmetic company Revlon bankrupt after 90 years, the brand cited supply chain disruptions as a contributor to the bankruptcy. Revlon avoided bankruptcy by persuading bondholders to extend their maturing debt. The cosmetic brand Revlon filed for Chapter 11 bankruptcy protection.

Revlon filed for bankruptcy after sales of its cosmetics line dropped significantly during the pandemic and didn't rebound as expected.

Revlon filed for bankruptcy after sales of its cosmetics line dropped significantly during the pandemic and didn’t rebound as expected. Cosmetics maker Revlon files for bankruptcy

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Cosmetics maker Revlon Inc has filed for bankruptcy, falling victim to global supply chain disruptions that pushed up raw material costs.

Revlon plans to fund its bankruptcy case with $575 million in debtor-in-possession financing from its existing lender base. A quick prompt resolution of the dispute would help its bankruptcy case move forward, it said in court papers. It was sold in 1985 to MacAndrews & Forbes – which remains the controlling shareholder and is owned by Ron Perelman – and went public 11 years later. At the same time, vendors that traditionally offered up to 75 days for payment began demanding cash in advance of new orders, while labor shortages and inflation added to its troubles, it said. In contrast, competitors like CoverGirl, owned by Coty Inc, have gained market share by investing heavily to improve supplies. In its bankruptcy filing, Revlon said supply chain disruptions in the spring prompted intense competition for ingredients used to make its products.

The New York-based company said that upon court approval, it expects to receive $US575 million ($A823 million) in financing from its existing lenders, which ...

The beauty company said in March that logistical issues hurt its ability to meet customer orders. The company avoided bankruptcy in late 2020 by persuading enough bondholders to extend its maturing debt. Sales fell 21 per cent to $US1.9 billion ($A2.7 billion) in 2020 but rebounded 9.2 per cent to $US2.08 billion ($A2.98 billion) in 2022 as shoppers went back to pre-pandemic routines.

The 245% four-day surge by Revlon Inc., which filed for bankruptcy after amassing massive amounts of debt amid rampant competition, recalls another wild ...

The 245% four-day surge by Revlon, which filed for bankruptcy after amassing massive amounts of debt amid rampant competition, recalls another wild trade ...

Included in that debt pile is $431 million of outstanding unsecured bonds that are trading for just six cents on the dollar, a sign those bondholders expect to recover little, if anything. Those gains built on a 183% jump from the stock’s low of $1.08 on Monday through Thursday’s close. Since Revlon crashed to an all-time low on Monday, the troubled cosmetics maker’s stock has soared 245% as speculators traded more than 350 million shares on bets of big returns.

Company founded 90 years ago by Jewish American brothers Charles and Joseph Revson finds itself weighed down by debt load, disruptions to supply chain ...

The company doubled down during the pandemic to get more online with services like one-on-one virtual consultations through its Elizabeth Arden line, she said. It now holds the 22nd spot among cosmetics makers, according to a recent ranking by fashion trade journal WWD. Sure, we'll remove all ads from your page and you'll gain access to some amazing Community-only content. In the latest quarter that ended in March, Revlon’s sales rose nearly 8%, but still lag pre-pandemic levels in excess of $2.4 billion a year. Revlon went public in 1996. There may be more corporate restructuring in the consumer products sector ahead with the threat of a recession and the rising costs of borrowing money.