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The global fashion business journal

Sep 29, 20207:10am

Revlon tightens its belt and cuts a thousand jobs

The cosmetics company has announced a cost savings plan of 230 million dollars until 2022.

Mar 10, 2020 — 4:00pm
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 Revlon tightens its belt and cuts a thousand jobs

 

 

Revlon seeks profit. The cosmetics company has announced the cut of a thousand jobs as a measure to save 230 million dollars until 2022.

 

Meanwhile, the US company continues to explore other options with Goldman Sachs. Revlon hired the fund to review the company from the sale of a portion of the business to its entirety.

 

The company has reached an agreement with Jefferies Finance LLC to obtain a new financing of 850 million dollars with which it’ll pay the loans until February 2021.

 

Revlon ended the 2018 fiscal year with red ink in the books of 294.2 million dollars compared to losses of 183.2 million dollars in 2017. The turnover of the company stood at 2.6 billion dollars, 4.8% less than the previous year.

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