Revlon's Makeover: From Bankruptcy To Fabulous New Owners

  • Cosmetics brand Revlon Inc REVRQ is likely to emerge from bankruptcy with new owner and board of directors.
  • The board will consist of former executives from Bloomin' Brands Inc BLMNWalgreens Boots Alliance Inc WBA and Sephora, reported the Wall Street Journal.
  • The members were chosen by a cohort, including Glendon Capital Management LP, King Street Capital Management LP, Angelo Gordon & Co.
  • Revlon's bankruptcy ended decades of ownership by billionaire financier Ronald Perelman, who bought the company in 1985.
  • The beauty products company filed for bankruptcy last year after becoming incapable of battling inflation, debt and supply chain snarls.
  • Debra Perelman will remain the CEO as well as a board member.
  • The new Executive Chairman of the board, Elizabeth Smith, is the former CEO of Bloomin' Brands.
  • "It's no secret that the company has been under-resourced and burdened with a balance sheet," the report quoted Smith.
  • "For the first time in years, Revlon will have the resources to reclaim its full potential." 
  • Price Action: REVRQ shares closed lower by 20% at $0.08 on Friday.
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