Revlon shares declines 46% inches closer to bankruptcy filing

Cosmetics maker Revlon Inc (REV.N) is preparing to file for chapter 11 protection as soon as next week, the Wall Street Journal reported, citing people familiar with the matter.

Revlon, shares declined 46%. The lipstick maker began talks with lenders ahead of looming debt maturities to try to steer the business clear of bankruptcy, according to sources. Revlon had long-term debt of $3.31 billion, as of end-March.

Demand for makeup products has bounced back in recent months as people across the world venture out more often. But Revlon, which faces stiff competition from digital-native upstart brands, said in March it faced supply chain constraints that hurt its ability to service demand.