Revlon stock jumps on report that the cosmetics company is considering a sale

Shares of cosmetics company Revlon jumped more than 7% after Bloomberg reported that it was retaining advisors from Goldman Sachs to consider a potential sale of parts or all of its business.

A deal has not been reached, but Revlon is exploring all its options, a person familiar with the matter told Bloomberg.

Earlier this month, the company received a $200 million four-year senior secured loan to help fund its business.

The business has been struggling, and the cash was needed to help Revlon innovate and prepare for refinancing other debt it has outstanding.

The company, which is majority-owned by Ronald Perelman's MacAndrews & Forbes, has more than $3 billion of debt on its balance sheet.

Others in mass market for color cosmetics have also had challenges, as shoppers increasingly turn to outlets such as Sephora and Ulta Beauty , or online startups such as Glossier, for their products.

Powered by Blogger.