Revlon goes for layoffs, debt refinancing to shore up its balance sheet

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. Revlon REV, -0.17% struck an $850 million agreement with Jefferies to refinance some of its debt and get new funding to “significantly enhance…

Revlon goes for layoffs, debt refinancing to shore up its balance sheet

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.
Revlon
REV,
-0.17%
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.
Related:Estee Lauder downgraded on travel retail exposure to coronavirus

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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