Shares of Revlon Inc. fell more than 2% late Monday after the cosmetics company said it would lay off workers, cut costs, and refinance its debt amid deepening losses for U.S. equities.
struck an $850 million agreement with Jefferies to refinance some of its debt and get new funding to “significantly enhance the company’s capital structure,” it said in a statement.
The company also announced a restructuring program aimed at saving between $200 million and $230 million by the end of 2022.
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About 60% of the “cost reductions” will come on the back of “headcount reductions occurring in 2020,” Revlon said. Revlon had about 7,300 employees in late 2018, according to a filing.
“The Revlon 2020
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