In the crypto market meme tokens are still flooding while bankrupt Revlon (NYSE: REV) is abruptly perceived as a tool for pump and dump amusement among retail traders. Unlike GME and AMC the stock has nothing to hold the current price of $8.50 which is manually increased by fun-making buyers.
Shortly it may fall drastically when early buyers have quadrupled their investments. Maybe they will wait for a higher price but buying this kind of stock is throwing your hard-earned cash into the fire.
Revlon is the oldest beauty and personal care product manufacturer. Its history goes back to 1932. There is no group of investors that could buy up the company for its longest chronology. The current recession is perhaps not giving anyone to think deeply about saving historically rich brands.
Just six days ago Revlon declared its insolvency. As time will go by the company may survive the current recession. Probably celebrities could help out by injecting new funds into Revlon.
After Citi Bank financed $900 million to Revlon there was hope for financial revival. It didn’t work due to repaying debts to other creditors when the money was intended to be used for interest payments. Later Revlon revealed it had $2.3 billion in assets and debts of $3.7 billion as of April ended.