Cosmetics giant Revlon files for bankruptcy protection
Through May 31, S&P Global Market Intelligence tracked 143 bankruptcies, across all industries, so far this year, which is the slowest pace since at least 2010. S&P only tracked three retail bankruptcy filings over the same period, the lowest count in at least 12 years, it said.
Revlon had long-term debt of $3.31 billion as of March 31, a securities filing shows. The company's market cap was nearly $123 million as of the close of trading Wednesday. Trading of Revlon shares was halted in Thursday's premarket session. Start-ups including Glossier, Kylie Jenner's Kylie Cosmetics and Rihanna's Fenty Beauty have also challenged Revlon as it vies for younger consumers' dollars.
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