(Bloomberg) — Revlon Inc. plunged 53%, the biggest one-day drop on record, after distressed debt news outlet Reorg reported that the cosmetics empire is preparing to file for bankruptcy.

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The company, controlled by billionaire Ronald Perelman, could file as soon as next week, Reorg said, citing unnamed sources. Revlon shares triggered multiple trading halts Friday because of the volatility, closing at $2.05 in New York.

A representative for Revlon didn’t comment.

New York-based Revlon has struggled to remain relevant and stem falling sales amid competition from Estee Lauder Cos. and a host of smaller companies using social media to lure customers. Those problems were amplified after Covid-19 shutdowns sent demand for makeup plunging.

The brand, which is controlled by Perelman’s MacAndrews & Forbes, has narrowly averted multiple defaults by cutting debt deals with creditors.

Revlon has more than 15 brands, including Elizabeth Arden and Elizabeth Taylor, which it markets in nearly 150 countries.

(Updates with closing share price.)

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