Cosmetics maker Revlon Inc is preparing to file for chapter 11 protection as soon as next week, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Revlon shares fell 46% after the company reportedly began talks with lenders ahead of looming debt maturities to try to steer the business clear of bankruptcy.
The lipstick maker faces stiff competition from digital-native upstart brands and supply chain constraints that hurt its ability to service demand.
Revlon had long-term debt of $3.31 billion, as of end-March.
This report’s information was first seen on Reuters; to read more, click this link.