According to people familiar with the situation, cosmetics company Revlon Inc is planning to file for Chapter 11 bankruptcy protection as soon as next week.

Revlon’s shares fell 46 percent and the company did not immediately respond to a Reuters request for comment.

According to the WSJ, the lipstick maker has begun talks with lenders ahead of looming debt maturities in an attempt to keep the company from going bankrupt.

Demand for makeup products has increased in recent months as people around the world go out more frequently. However, Revlon, which is facing stiff competition from digital-native upstart brands, stated in March that supply chain constraints were hampering its ability to meet demand.