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lot of MLM news today! avon international files chapter 11 bankruptcy "the filing comes after the company has spent $225 million defending itself in personal injury lawsuits & settlements. the company does not have 'sufficient liquidity to litigate and/or settle' the cases."
The holding company for Avon's international businesses entered bankruptcy in the U.S. this week, seeking to manage talc-related liabilities it has accrued, including damages that juries in Illinois and California assigned it to pay for cancer diagnoses. https://t.co/krlz0KmuRB https://t.co/bUc0f4PlLf
Avon files for bankruptcy amid mass lawsuits linking its talc products to cancer https://t.co/xP7zx84Fl1 https://t.co/qbknE6tAS8
Avon Products has filed for Chapter 11 bankruptcy in Delaware to manage over $1 billion in liabilities and address a wave of lawsuits alleging that its talc-based products cause cancer. The company, once valued at $21 billion, has faced over 200 lawsuits linking its talc products to cancer. Avon's bankruptcy filing aims to offload significant debt and legal responsibilities. A Delaware bankruptcy judge has approved part of a $43 million financing package to support Avon during its bankruptcy proceedings. The company, which ceased U.S. operations in 2016, has already spent $225 million defending itself in personal injury lawsuits and settlements. Additionally, the owner of Avon in the UK has also filed for bankruptcy.
