Revlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition.
The nail polish and lipstick maker said the move will allow it to"strategically reorganize" its finances, pointing to"liquidity constraints" sparked by supply chain disruptions and inflation. Revlon is receiving $575 million in debtor-in-possession financing to help support its day-to-day operations.
It has also been hit by supply issues, made worse by the Covid-19 pandemic. Resulting product shortages were another major factor in tipping Revlon into bankruptcy, and analysts have said they were unlikely to be resolved in the near-term.Read MoreThe company was founded in 1932 by brothers Charles and Joseph Revson and Charles Lachman. Revlon went public in 1996 and in 2016 bought by Elizabeth Arden in an $870 million skincare bet to fend off competition.
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