Cosmetics maker Revlon nears bankruptcy filing

BENGALURU: Cosmetics maker Revlon Inc is preparing to file for chapter 11 protection as soon as this week, the media reported last Friday, citing people familiar with the matter. Revlon, whose shares declined 46%, did not immediately respond to a request for comment. The lipstick maker began talks with lenders ahead of looming debt maturities to try to steer the business clear of bankruptcy, it was reported. Revlon had long-term debt of $3.31 billion, as of end-March. Demand for makeup products has bounced back in recent months as people across the world venture out more often. But Revlon, which faces stiff competition from digital-native upstart brands, said in March it faced supply chain constraints that hurt its ability to service demand.

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