Revlon hopes to wriggle out of Park Avenue leases

Revlon hopes to wriggle out of Park Avenue leases

THE WHAT? Revlon has applied to terminate its office and retail leases at 200 Park Avenue South in New York, according to a report published by the Real Deal. The space, which comprised offices and a day spa for its Elizabeth Arden subsidiary, spans 46,000 square feet in total.

THE DETAILS The rates are said to be higher than available alternatives, making it imperative that Revlon seek alternatives as part of its restructuring drive. The company filed for bankruptcy earlier this year.

THE WHY? The Real Deel reports that the terminations could save the troubled US beauty brand some US$17 million in rent. With a debt of US$3.3 billion to clear, that’s a no-brainer.

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