Cosmetics maker Revlon set to file for bankruptcy – WSJ

A public safety officer watches people in front of a billboard belonging to Revlon which takes their photos and posts them in Times Square in the Manhattan borough of New York October 13, 2015. REUTERS/Carlo Allegri/Files

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June 10 (Reuters) – Cosmetics maker Revlon Inc (REV.N) is preparing to seek Chapter 11 protection as early as next week, The Wall Street Journal reported on Friday, citing people familiar with the matter.

Revlon, whose shares fell 46%, did not immediately respond to a request for comment from Reuters.

The lipstick maker has begun talks with lenders ahead of looming debt maturities to try to stave off bankruptcy for the company, the WSJ reported last week.

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Revlon had long-term debt of $3.31 billion at the end of March.

Demand for makeup products has rebounded in recent months as people around the world venture out more often. But Revlon, which faces fierce competition from emerging digital-native brands, said in March it was facing supply chain constraints that were hurting its ability to meet demand.

Reorg Research first reported that Revlon planned to file for bankruptcy.

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Reporting by Praveen Paramasivam in Bengaluru; Editing by Krishna Chandra Eluri

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