- Cosmetics brand Revlon Inc (OTC: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 (NASDAQ:BLMN), Walgreens Boots Alliance Inc (NASDAQ: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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