Jakarta, IO – US-based cosmetics firm Revlon is on the brink. It filed a bankruptcy due to several woes, mounting debt chief among them.
Revlon CEO Debra Perelman said the company only managed to secure US$575 million to pay its debts and run daily operations, according to CNN Indonesia, Friday (17/6).
“Today’s filing will allow Revlon to offer our consumers the iconic product we’ve been delivering for decades, while providing a clearer path for our future growth,” said Debra.
She added the company’s suboptimal capital structure limited its ability to navigate macroeconomic issues and meet demand. This was exacerbated by the decline in sales during the Covid-19 pandemic.