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Cosmetic giant Revlon files for bankruptcy - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Revlon Inc. has received approval to borrow $375 million from bankruptcy court on Friday in New York.

Image: @revlon

US bankruptcy judge, David Jones, approved Revlon’s proposed bankruptcy loan on an interim basis after hearing testimony that Revlon was down to US$6 million in cash and struggling to fulfil retail customer orders. Without access to raw materials, Revlon cannot meet its sales demands, leaving the company with dwindling cash to solve its supply problem, Caruso said. He added that the company is currently able to fill just 70% of customer orders without backlog or cancellations, compared to an industry standard of 90-95%, Caruso said.

 

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Business Maverick: Revlon files for bankruptcy amid supply woes, loan controversyThe cosmetics giant has suffered during the pandemic after years of declining sales and financial controversies. The 90-year-old company got its start selling nail polishes in the throes of the Great Depression, and later added coordinated lipsticks to its collection. By 1955, the brand was international.
Source: dailymaverick - 🏆 3. / 84 Read more »