The famous cosmetics company Revlon
REVLON INC
-43.05%
closure:0
opening:1.85
High:1.85
low:1.08
cycle:—
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It is currently trading at a market value of only $ 62 million after crashing today in trading by 45%. The company, on which a heavy debt of $ 4.3 billion rests, is apparently facing bankruptcy.
The Wall Street Journal reports that the group has begun talks with borrowers with the goal of finding ways to reduce the debt, and according to the newspaper bankruptcy could occur as early as this week.
Last month, the company said it hoped to achieve sufficient liquidity to support both growth and capital structure improvement, given the supply chain difficulties and other macroeconomic issues affecting the company’s business. In its most recent reports, the company reported sales of $ 445 million and a modest operating profit of $ 24 million.
In March of 2015, the company was traded at a record value of over $ 2 billion. Since then it has experienced ups and downs, and especially downs. At the end of November last year, the market value was still about $ 850 million. Since then, the stock has fallen steadily due to the difficulties the company is facing, and now, as mentioned, the value has dropped to a few tens of millions of individual dollars.
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