Revlon could not face a millionaire debt and declares bankruptcy

“Today’s introduction will allow Revlon to offer our consumers the iconic products we have offered for decades, while also providing a clearer path for our future growth.”Revlon CEO Debra Perelman said in a statement announcing that the company has voluntarily filed for Chapter 11 bankruptcy in the Southern District of New York.

Furthermore, it added that its “challenging capital structure has limited our ability to navigate macroeconomic issues to meet this demand.”

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According to CNBC, the company had long-term debt of US$3.31 billion on March 31, while its market capitalization was US$123 million at the close of the Wall Street stock market on Wednesday.

In the hours before the opening of the stock market, the company paralyzed operations on its shares, which fell 4.44% in its last price.

On the other hand, they are expected to reorganize their capital structure and improve their long-term prospects.

Meanwhile, product shortages were another major factor driving Revlon into bankruptcy.

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