Cosmetics company Revlon is preparing to file for Chapter 11 bankruptcy as soon as next week as it battles supply chain problems and a heavy debt load, sources say.
Talks about the potential filing are not final and could change, the sources said, discussing private negotiations. A representative for Revlon declined to comment.
Distressed debt news provider Reorg first reported the matter.
Revlon’s shares plunged 53 per cent, the biggest one-day drop on record, on Friday to close at $2.05.
New York-based Revlon, owned by billionaire Ron Perelman’s MacAndrews & Forbes, struggled against competition from Estee Lauder and a host of smaller companies using social media to lure customers.
Sales had been declining years before the pandemic, which also hit the company hard.
Revlon’s chief executive Debra Perelman said in a May call to discuss quarterly results that demand for the company’s products was strong, but “supply chain challenges are putting pressures on our ability to meet this demand” and inflation was denting margins.
The company has more than $3 billion of long-term debt, and has narrowly averted multiple defaults by cutting debt deals with creditors.
Its annual interest expense was nearly $248 million last year, and it reported $132m of liquidity as of March 31.
Revlon is talking with creditors, and equity ownership of the company is likely to change, one of the sources said.
Revlon has more than 15 brands, including Elizabeth Arden and Elizabeth Taylor, which it markets in nearly 150 countries.
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World Mental Health Day
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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The%20specs
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Richard Heydarian: Decoding Asean's deliberate silence over the Myanmar coup
Kareem Shaheen: Our Myanmar reactions shaped by simplistic narratives
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THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
MANDOOB
PRISCILLA
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While you're here
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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Global state-owned investor ranking by size
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China |
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UAE |
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Japan |
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Norway |
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Canada |
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Singapore |
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Australia |
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Saudi Arabia |
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South Korea |
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More from Rashmee Roshan Lall
Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
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Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
World%20Cup%202023%20ticket%20sales
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COMPANY%20PROFILE
COMPANY%20PROFILE
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Damien McElroy: Anti-science attitudes in America are proving lethal
Editorial: What makes the UAE such a good place to test vaccines?
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
ASSASSIN'S%20CREED%20MIRAGE
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
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Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
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Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
THE RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: Alnawar, Connor Beasley (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Raniah, Noel Garbutt, Ernst Oertel
6pm: Handicap (PA) Dh90,000 2,200m
Winner: Saarookh, Richard Mullen, Ana Mendez
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Rated Conditions Dh125,000 1,600m
Winner: RB Torch, Tadhg O’Shea, Eric Lemartinel
7pm: Al Wathba Stallions Cup Handicap Dh70,000 1,600m
Winner: MH Wari, Antonio Fresu, Elise Jeane
7.30pm: Handicap Dh90,000 1,600m
Winner: Mailshot, Royston Ffrench, Salem bin Ghadayer
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
