Revlon Inc. could be heading to the bankruptcy courts.
The business is majority owned by MacAndrews & Forbes, run by Ronald Perelman, who said in 2020 that he’d been selling off assets — from companies to fine art. At the beginning of this year he offloaded his opulent Lily Pond Lane mansion in East Hampton for $84 million. This was down from the original listing price of $115 million.
Another industry source added that while the industry believes bankruptcy is only a matter of time, “Ron Perelman has too much pride to let it go under so it must be really bad if it’s the case. They divested some brands last year but I’m guessing barely made anything.”, Ron Perelman’s daughter.
But sources stressed that the business has not improved enough to deal with Revlon’s liquidity needs.