Revlon Stock Falls 46% And Reportedly Is Ready To File for Bankruptcy
Revlon is the next victim of the pandemic as their stock fell 46% on June 10th and allegedly they are preparing to file for bankruptcy! As with many brands Revlon has had an issue with supply chain demands but also, they have had a long decline in sales for the past few years and a 3 billion dollar long-term debt that remains unpaid. It gained refinancing in the amount of 1.8 million on that debt and the hope in 2020 was this would prevent them from going down the bankruptcy road.
Sadly, doesn’t look like it’ll help as their stock fell so dramatically on Friday. According to Women’s Wear Daily, Ronald Perelman, the largest shareholder of the brand, began to liquidate his assets in 2020. Revlon is 90 years old so hopefully, the bankruptcy road doesn’t mean they’ll disappear forever. There’s some good chance they’ll be able to prevail. Revlon’s house brands also include Elizabeth Arden and Almay. What does it mean for them?
We’ve seen lots of brands fall under the pressure of the pandemic late last year and into this year. Who will be next?