China News Service, June 16. According to a report by Bloomberg on the 16th, Revlon, a century-old international beauty brand, filed for bankruptcy protection in the U.S. Court for the Southern District of New York on Wednesday.
Revlon reported total assets of $2.3 billion at the end of April, while the company’s total debt reached $3.7 billion, including 6.25 percent senior notes due 2024, according to Wednesday’s court filings, the report said.
According to Revlon’s financial report for the first quarter of fiscal year 2022, as of the end of March 2022, Revlon’s long-term debt was 3.31 billion US dollars (about 22.27 billion yuan), plus short-term loans, etc., the cumulative debt was 30 billion yuan.
According to foreign media reports, Revlon’s sales have struggled due to supply bottlenecks due to the epidemic, the failure to quickly change its business scope according to consumer demand, and other U.S. startups taking market share.
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