Revlon (REV) is preparing to file for Chapter 11 protection as soon as next week, Becky Yerak and Alexander Gladstone of Wall Street Journal report, citing people familiar with the matter.

Ron Perelman's company has been in talks with lenders ahead of debt maturities that begin next year, Yerak and Gladstone note.

Reorg Research earlier reported that Revlon was planning to file for bankruptcy. Revlon declined to comment to the Journal on the story.

The shares in afternoon trading are down 44%, or $1.92, to $2.41.