Cosmetics Brand Revlon Incurs Billions of Debts, Files Bankruptcy
COSMETICS BRAND – Revlon, a popular brand known across the globe for its lipstick and other cosmetic products, filed for bankruptcy in the United States.
The business field is one of those areas where there is constant competition. If you are offering certain products, you may have a lot of competitors thus you will need to continually make an upgrade, offer the best quality products that can hook your customers, and always seek means to be able to compete with emerging businesses.
Truth be told that the advancement in technology has made the competition in the business field both easier and harder – easier to reach potential customers but harder as you need to keep up with the changes in advertising, marketing, and a lot more.
In recent years, several businesses emerged online and many of them got huge sales. The rise in the number of competitors and the mode of selling have affected several big companies including cosmetics brand Revlon.
Cosmetics brand Revlon is one of the most popular and trusted brand not only in the United States but across the globe. However, based on a report on ABS-CBN News, the giant brand recently filed for bankruptcy after incurring billions of debts.
Revlon cited the rivals in online sales and supply chain problems as among the reasons that caused a spike in its debts. Based on the report, the brand claimed in its court filing that its debt is between $1 billion to $10 billion. The company filed Chapter 11.
Reportedly, Chapter 11 is a reorganization bankruptcy filing. It will allow Revlon to restructure itself while being protected from creditors and with ongoing operations. According to the company, it is expecting to get $575 million from its lenders in case the court will approve its bankruptcy filing.
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