Why Revlon Stock Was Sliding Today

·2 min read

Shares of Revlon (NYSE: REV) were pulling back today, taking another step in a wild ride since the cosmetics company filed for Chapter 11 bankruptcy protection nearly two weeks ago. After shares plunged to just over $1 on the announcement, they skyrocketed to more than $8 in just a few days, fueled in part by a short squeeze organized by Reddit traders. In its June 16 announcement, Revlon said it had voluntarily filed for Chapter 11 in New York to "strategically reorganize its legacy capital structure and improve its long-term outlook."