Revlon has formally filed for chapter after succumbing to rising money owed. The firm has been struggling to remain afloat amidst growing competitors from on-line start-ups, and this week the 90-year-old firm filed for Chapter 11 chapter protections in an effort to “strategically reorganize” their finances, CNN stories.
In latest years, Revlon has been steadily shedding shelf area at standard retailers to celeb start-up manufacturers like Fenty Beauty and Kylie Cosmetics, along with an array of provide points worsened by the pandemic, so it’s no shock that the corporate has sadly gone beneath. CNN stories that although Revlon’s gross sales have been slowing all through the years, they skilled a stunning 21% drop in gross sales inside the final yr along with a report 80% drop in shares.
Still hopeful, Revlon CEO Debra Perelman assures clients that submitting for chapter will merely enable for the corporate “to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth.” But for now, we are going to simply have to attend and see what the future holds for this trade icon.
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