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June 10 (Reuters) – Cosmetics maker Revlon Inc (REV.N) is preparing to file for chapter 11 safety as quickly as subsequent week, the Wall Avenue Journal noted on Friday, citing folks common with the issue.
Revlon, whose shares declined 46%, did not quickly answer to a Reuters ask for for remark.
The lipstick maker started talks with lenders ahead of looming credit card debt maturities to try to steer the company apparent of personal bankruptcy, the WSJ documented previous 7 days.
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Revlon had extended-expression credit card debt of $3.31 billion, as of end-March.
Demand from customers for makeup solutions has bounced back again in the latest months as individuals throughout the environment enterprise out far more normally. But Revlon, which faces stiff level of competition from digital-native upstart manufacturers, claimed in March it confronted provide chain constraints that harm its capability to company demand from customers.
Reorg Investigate very first reported Revlon was arranging to file for personal bankruptcy.
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Reporting by Praveen Paramasivam in Bengaluru Enhancing by Krishna Chandra Eluri
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