Revlon shares fall more than 2% as the company prepares to lay off employees, cut costs and refinance its debt, in line with its previously announced restructuring plan.
Revlon Inc. announced it would be laying off workers, cutting costs and refinancing its debt, which resulted in its shares falling more than 2%, according to Market Watch.
The company announced its plans for a restructuring program in early March 2020, which is aimed toward saving Revlon between $200 and $230 million by the end of 2022.
In connection to the company’s layoffs, Revlon expects to be accountable for between $55 and $65 million in severance payments, on top of its expected cost reductions, estimated between $105 and $115 million.
Revlon’s preliminary Q4 results were reported to have dropped from $742 million to $699 million year-over-year.
