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Revlon information for chapter – CNN Gadgetfee

The nail polish and lipstick maker stated the transfer will enable it to “strategically reorganize” its funds, pointing to “liquidity constraints” sparked by provide chain disruptions and inflation. Revlon is receiving $575 million in debtor-in-possession financing to assist assist its day-to-day operations.

“Right this moment’s submitting will enable Revlon to supply our shoppers the enduring merchandise we have now delivered for many years, whereas offering a clearer path for our future progress,” stated Revlon CEO Debra Perelman in a launch. She added that its “difficult capital construction has restricted our means to navigate macro-economic points with a purpose to meet this demand.”

Revlon in recent times misplaced shelf area and gross sales to startups backed by celebrities, equivalent to Kylie Jenner’s Kylie Cosmetics and Rihanna’s Fenty Magnificence.

It has additionally been hit by provide points, made worse by the Covid-19 pandemic. Ensuing product shortages had been one other main think about tipping Revlon into chapter 11, and analysts have stated they had been unlikely to be resolved within the near-term.

The corporate was based in 1932 by brothers Charles and Joseph Revson and Charles Lachman. Revlon (REV) went public in 1996 and in 2016 purchased by Elizabeth Arden in an $870 million skincare guess to fend off competitors. It homes a number of prime manufacturers, together with Britney Spears Fragrances and Christina Aguilera Fragrances.
It additionally made headlines two years in the past when Citigroup (C) by chance despatched practically $900 million of its personal cash to Revlon’s lenders. A decide dominated that the financial institution could not get better the cash.

Revlon’s gross sales lagged through the years and in 2021 fell 22% from its 2017 ranges. Shares have fallen greater than 80% because the starting of the 12 months.

— Reuters contributed to this report.

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