Iconic U.S. cosmetics and fragrance company Revlon announced on Thursday (June 16) that it has filed for Chapter 11 bankruptcy under the U.S. bankruptcy system, allowing it to continue operations while it develops a recovery plan.
In a document filed with a New York court on the evening of 15 June, Revlon revealed that it had between one and ten billion dollars in debt and announced long-term liabilities of 3.3 billion dollars in the first quarter of 2022.
In the United States, Chapter 11 is a mechanism that allows a company that is unable to repay its debt to restructure while continuing to operate. This placement under the bankruptcy regime “will allow Revlon to offer our customers the iconic products we have offered for decades while charting a clearer path for our future growth,” said in a statement Debra Perelman, CEO of the New York group.
The latter added in particular to have realized losses of 206.9 million dollars in 2021 on sales amounting to 2.079 billion dollars. Counting it all up, the Wall Street Journal estimated Revlon’s total debt at $3.8 billion.
[…]
Featured photo : © Revlon
