OREANDA-NEWS American beauty products manufacturer Revlon may file for bankruptcy in the near future, WWD reported citing industry sources, Gazeta.ru reported.

Rumors of possible bankruptcy provoked a sharp drop in the value of the company's shares - on Friday, June 10, it fell by 53%.

The company's debt is $3 billion - negotiations on its restructuring have been going on since 2020. Previously, Revlon, which includes, in addition to the title brand, Elizabeth Arden and Almay brands managed to avoid a major reorganization. However, recent problems - supply disruptions, pressure from its main competitor, The Estée Lauder Corporation, and the emergence of high-tech startups - have exacerbated the situation.

Revlon was founded in 1932 by brothers Charles and Joseph Revson and chemist Charles Lachman. It is now owned by MacAndrews & Forbes.