SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Revlon, the American multinational cosmetics, skincare, fragrance, and personal care firm headquartered in New York City, is close to filing for bankruptcy. It was reported that due to the company’s huge debts, the only option left is the chapter 11 filing.
According to The Wallstreet Journal, Revlon, which is owned by Ron Perelman’s MacAndrews & Forbes, is now preparing to file for chapter 11, and it will be done as soon as next week to protect the company. It was revealed that it has been struggling to cope for years due to its huge pile of debt coupled with the recent inflation, supply chain issues, and rigid competition in the cosmetics market worldwide.
The company has also been working on finding solutions through restructuring talks with top-ranking lenders. The meetings are taking place ahead of Revlon’s debt maturities that will start next year. It was reported that the bankruptcy filing may possibly put an end to Perelman’s control of the firm that his private equity company purchased in 1985.
Then again, despite the reports, a person familiar with the matter said that the situation is fluid and the bankruptcy filing is still not certain. It was noted that the company’s shares fell by 53% on Friday, June 10, to $2.05 per share, and Revlon refused to comment on the issue.
Despite the decline in shares, Revlon’s sales were said to have rebounded by eight percent in the last quarter as the shopping habits of the people are starting to return to the pre-COVID levels. Still, its outlook remained challenged by its need to raise capital for its liquidity requirements based on the April report from the S&P Global Ratings.
Likewise, as reported by the Business Standard, the demand for cosmetic products is slowly bouncing back, and sales have been great in recent months as people around the world are starting to go out and shop more often. But for Revlon, while its sales went up slightly, it is still facing stiff competition against old and new cosmetic brands. Finally, it has yet to be seen if the company will push through with the chapter 11 filing in a few weeks’ time.
