Resulting product shortages were another major factor in tipping it into bankruptcy and analysts have said they were unlikely to be resolved in the near term. Competitor Coty Inc, by contrast, has gained market share by investing heavily to improve supplies.
Resulting product shortages were another major factor in tipping it into bankruptcy and analysts have said they were unlikely to be resolved in the near term. Competitor Coty Inc, by contrast, has gained market share by investing heavily to improve supplies.
But the company’s sales lagged over the years and in 2021 fell 22 per cent from its 2017 levels. It also made headlines two years ago when Citigroup Inc accidentally sent nearly USD 900 million of its own money to Revlon’s lenders.
Revlon, which had long-term debt of USD 3.31 billion as of March 31, said on Thursday it expected to get USD 575 million in debtor-in-possession financing from its existing lender based upon receipt of court approval. Shares in Revlon have halved since media reports said it was nearing a bankruptcy filing.
