Revlon Attempts To Terminate Park Avenue Leases - Upsmag - Magazine News

Revlon Attempts To Terminate Park Avenue Leases

Beauty conglomerate Revlon, which filed for bankruptcy earlier this year, has reportedly asked a judge to terminate office and retail leases at 200 Park Avenue South in New York in an attempt to save millions in rent.

Elizabeth Arden, which Revlon acquired in 2016, occupies nearly 36,000 square feet of offices at the building and a 10,000-square-foot, ground-floor retail space—leases which expire in 2027 and 2023, respectively.

In court filings, Revlon’s restructuring officer, Robert Caruso, said the lease terminations could save the company $17 million in rent, adding that the rates on the leases are higher than those of “available alternatives.”

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In June, ET Now reported that Indian conglomerate Reliance Industries was considering purchasing Revlon Inc. Revlon reportedly fits well with Reliance Industries’ omnichannel plans for beauty & personal care.

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