Connect with us

New York

Revlon files for Chapter 11 bankruptcy as Ron Perelman scrambles

Published

on

Revlon is getting a financial makeover — and it’s not the kind that Ron Perelman had been hoping for.

The New York-based beauty company, which counts the 79-year-old billionaire as its dominant shareholder, filed for bankruptcy protection on Thursday in the face of a $3.7 billion debt load that had become unmanageable.

“Consumer demand for our products remains strong – people love our brands, and we continue to have a healthy market position,” Revlon Chief Executive Debra Perelman — the 47-year-old daughter of the cosmetics tycoon — said in a statement.

“But our challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand,” she added.

Ronald Perelman was known for bailing the company out of previous financial jams, including a close encounter with bankruptcy in 2020, when the company’s sales plummeted because of the pandemic. Debra Perelman became the company’s first female CEO in 2018. 

Billionaire, Ronald Perelman is Revlon's largest shareholder.
Billionaire, Ronald Perelman is Revlon’s largest shareholder.
Getty Images
Debra Perelman
Consumer demand for our products remains strong, said Revlon Chief Executive Debra Perelman — the 47-year-old daughter of the cosmetics tycoon.
WireImage

But cracks in the billionaire’s wealth have come to light in recent years. In August, his alma mater Princeton University yanked the naming rights to a student dorm when Perelman failed to deliver a promised $65 million gift to the university. The previous year Perelman put up his yacht and jet for sale at a deep discount, according to a Bloomberg report.

At the time, Perelman denied in a statement that the sales were made under duress. Earlier this year, he sold his Hampton’s mansion for $84.5 million — or $30 million less than the original asking price as The Post reported.

The bankruptcy filing comes despite renewed strength in the makeup industry, which has benefitted from consumers going back to work, traveling and resuming more activities that they’d given up during the height of the pandemic.

The Revlon logo above a beauty products in a store.
Revlon’s $3.7 billion debt load had become unmanageable.
REUTERS

The 80-year-old company, which Perelman bought in 1985, has faced increasing competition in recent years from a coterie of new brands led by social media influencers and celebrities including Rihanna’s Fenty Beauty and Kylie Jenner’s Kylie Cosmetics.

Among Revlon’s biggest brands are 91-year-old Almay, 112-year-old Elizabeth Arden and 111-year-old Cutex. The Revlon brand got its start during the Great Depression selling nail polish and later lipsticks.

In its court filings in the Southern District of New York, Revlon listed assets of $2.3 billion and total debts of $3.7 billion. The company expects to receive a $575 million loan from its current lenders to fund current operations while it navigates the bankruptcy.

Revlon products on display on a store shelf.
Some of Revlon’s bigger brands are Almay, Elizabeth Arden and Cutex.
REUTERS

The company also said it was experiencing supply chain challenges that made it difficult to keep with consumer demand for its products.

In August 2020 the company was at the center of a financial debacle involving its lender Citibank, which accidentally paid off Revlon’s other lenders for a total of $900 million. The $900 million loan was meant to help Revlon pay off multiple lenders over the next several years.

A court ruled that those lenders were allowed to keep the payments. Citibank has appealed the 2021 ruling. 

For further reading visit Source

Continue Reading

New York

What Time Will ‘Riverdale’ Season 6 Be on Netflix?

Published

on

The season finale of Riverdale aired in late July on The CW. Notice we said season finale? Thankfully, the beloved series will return for a seventh season, but, unfortunately, Season 7 will be the final installment of Riverdale.

If you already streamed the current season, make sure to read Alex Zalben’s interview with Riverdale showrunner Roberto Aguirre-Sacasa on Decider. If you’re waiting to binge Season 6 on Netflix, well, you better clear your calendar because all 22 episodes are about to drop on the streamer. What time will the sixth season of Riverdale debut on Netflix? What time does Netflix release shows? Here’s everything you need to know.

WHEN IS THE RIVERDALE SEASON 6 NETFLIX RELEASE DATE?

Riverdale Season 6 premieres Sunday, August 7 on Netflix.

HOW MANY EPISODES ARE IN RIVERDALE SEASON 6?

The sixth season of Riverdale consists of 22 episodes.

WHAT TIME DOES NETFLIX RELEASE NEW SHOWS?

Netflix releases new episodes at 3:00 a.m. ET/12:00 a.m. PT.

WHAT TIME WILL RIVERDALE SEASON 6 BE ON NETFLIX?

Netflix is based out of California, so Riverdale Season 6 will be available to stream at 12:00 a.m. Pacific Standard Time (3:00 a.m. Eastern Standard Time) beginning Sunday, August 7. If the clock strikes 12:00 (or 3:00 a.m. for folks on the East Coast) and you don’t see the new episodes, give it a moment, hit refresh, and then enjoy the show!

WILL THERE BE A SEASON 7 OF RIVERDALE?

Yes! Decider recently covered that very topic.

For further reading visit Source

Continue Reading

New York

Actress Anne Heche Suffers Severe Burns After Crashing Car Into Los Angeles Home

Published

on

Actress Anne Heche, known for her roles in such films as Donnie Brasco, Volcano and I Know What You Did Last Summer, was involved in a fiery car crash in the Mar Vista area of Los Angeles on Friday.

According to TMZ, Heche was driving a blue Mini Cooper and had first crashed into the garage of an apartment complex. Residents of the apartment complex tried to get her out of the vehicle but she backed up and sped off.

Footage of Heche speeding down the streets of her neighborhood had been obtained by TMZ as well as her initial encounter at the apartment complex.

In the first clip, you can hear her car crash towards the end. It has been reported that the actress crashed into someone’s home, causing her vehicle and the house to erupt into flames. Heche suffered severe burns and was resisting being taken away in a stretcher. You can also view footage of this via the TMZ article.

It has not been confirmed whether alcohol has been involved in the incident since her condition prevents doctors from performing any tests to determine if she was driving under the influence. She is currently intubated in the hospital but expected to live.

For further reading visit Source

Continue Reading

New York

These are the vulgar license-plate requests the DMV has rejected

Published

on

Stay CL4SSY, New York!

The state Department of Motor Vehicles nixed 3,752 requests for vanity license plates in the last three years because it deemed them too raunchy, radical or simply ridiculous.

New York’s personalized plates go for $60 initially, and then $31.25 annually for renewal. You can get any plate as long as no one else has it and it’s not offensive.

Odds are a request for a plate that marks a wedding anniversary or shows your allegiance to a team — like METS86 — will pass muster with the DMV gatekeepers.

Vulgarity won’t get you to first base.

So plates with the phrase LFGM — the acronym for Pete Alonso’s “Let’s F–king Go Mets” rallying cry — did not make the cut.

And you won’t see anyone driving around with the custom plates MILFDAD, AS5M4N and WLHUNG.

Crude meanings such as “MILFDAD” are unacceptable by the DMV.
Crude meanings such as “MILFDAD” are unacceptable by the DMV.
New York DMV
NYC123
New York state Department of Motor Vehicles denied more than 3.5 thousand requests for license plates deemed inappropriate.
New York DMV
“AS5M4N” was rejected for referring to “Ass man.”
“AS5M4N” was rejected for referring to “Ass man.”
New York DMV

The DMV also put NICEBUNS, FATFANNY, GOTAPOOP and BENDOVER in the rear-view mirror.

One player unsuccessfully tried to score the plate YESDADDY, to no avail.

The DMV also shot down such dark requests as DEADGIRL, GENOC1DE, S8TAN, DETONATE and MURDERM3.

“SUM8ITCH” is not allowed.
“SUM8ITCH” is not allowed.
New York DMV
The DMV thoroughly nixed a request for “CNNLIES.”
The DMV thoroughly nixed a request for “CNNLIES.”
New York DMV
BOOBIE is prohibited.
BOOBIE is prohibited.
New York DMV

Getting political is a dead end too — FJOEBIDN, FDTRUMP and CNNLIES were nixed.

LUDEDUDE, NARCO, GOT METH and BLUNT also went up in smoke.

Staten Island attorney Bill Dertinger said his blue 1995 Jaguar SJS was tagged with ESQLTD after his company and his 2014 Porsche had the plate GHOSTGTS because the sleek sportscar was white.

“The plates can make you stand out — which can be a curse or a blessing,” the 54-year-old Dertinger said. “Make sure you don’t cut anybody off.”

A man attempted to sneak in “YESDADDY” onto his license plate.
A man attempted to sneak in “YESDADDY” onto his license plate.
New York DMV
The DMV stopped a request for “FJOEBIDEN.”
The DMV stopped a request for “FJOEBIDEN.”
New York DMV
The DMV also rejects any license plates referring to politics.
The DMV also rejects any license plates referring to politics.
New York DMV

There must be a New York Jets fan playing referee at the DMV because a request for the seemingly innocent plate GASE was sidelined. Ex-Jets head coach Adam Gase had an offensive 9-23 win-loss record during his forgettable two-year tenure.

The DMV would not reveal who gives the final yea or nay.

“The DMV reviews all custom license plate requests and works hard to ensure that any combinations that may be considered objectionable are rejected,” said agency spokesman Tim O’Brien.

“GLOCKS” referring to guns is not accepted by the DMV.
“GLOCKS” referring to guns is not accepted by the DMV.
New York DMV
“FLYMOFO” is not approved by the DMV.
“FLYMOFO” is not approved by the DMV.
New York DMV

He said guidelines on what plate combinations are restricted can be found on the DMV website: https://dmv.ny.gov/learn-about-personalized-plates. Approximately 50,000 personalized and custom plates are sold per year, O’Brien said.

Bagged Tags

The state DMV has rejected 3,752 requests for custom license plates in the last three years because it deemed them potentially offensive. Here are some:

YESDADDY

FJOEBIDN

FDTRUMP

GLOCKS

FLYMOFO

BOOBIE

AS5M4N

BUDLIGHT

DEADGIRL

SUM8ITCH

GENOC1DE

S8TAN

CNNLIES

DETONATE

MURDERM3

MILFDAD

WLHUNG

Source: NYS DMV

For further reading visit Source

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.