Revlon, a 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection weighed down by debt, disruption to its supply chain network and rising costs.
The New York-based company said it expected to receive $575 million in financing from its existing lenders, which would allow it to continue its day-to-day operations.
Except for Canada and the United Kingdom, none of Revlon’s international operating subsidiaries are involved in the proceedings. was filed in the US Bankruptcy Court for the Southern District of New York,
Revlon, whose brands from Almay to Elizabeth Arden have been a mainstay on store shelves for decades, have struggled for years to fail to keep pace with changing beauty tastes and stiff competition. It is backed by billionaire Ron Perelman McAndrews & Forbes.