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August 13, 2024. – Avon Products Inc. (API), a US-based holding company and owner of the Avon cosmetics brand, initiated proceedings in the Bankruptcy Court for the District of Delaware on Tuesday. The company reported this in a document published on the Epiq portal.
In this way, the company sought to resolve debts and protect itself from lawsuits related to the amount of talc in its products.
API has not sold products in the U.S. since it spun off its North American operations in 2016, but remains the holding company for the brand’s operating entities in other countries.
In response, the company’s president, John Dubel, noted that such action, as well as the sale of Avon’s businesses outside North America, would maximize the value of the company’s assets and allow it to “fulfill its obligations in an orderly manner.”
“We remain focused on driving our international business strategy, including modernizing our direct-to-consumer model and reinvigorating our brands to accelerate growth,” said Avon CEO Kristof Neirynck.
In early July, the World Health Organization’s International Agency for Research on Cancer (IARC) classified talc as “probably carcinogenic to humans,” especially to women.
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