Cosmetics Giant Revlon Files for Chapter 11 Bankruptcy
The company is now moving on to restructure and reorganize its strategic efforts.
Cosmetics conglomerate Revlon has filed for Chapter 11 bankruptcy protection due to its debt load and the changing e-commerce vertical.
The company expects to receive $575 million USD in debtor-in-possession financing from its existing lender base, which will help support its day-to-day operations. “Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” Debra Perelman, Revlon’s President and Chief Executive Officer, said to Business Wire. “Consumer demand for our products remains strong — people love our brands, and we continue to have a healthy market position. But our challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand.”
Revlon has faced fierce competition in recent years from indie beauty brands that are better positioned to meet the needs and wants of the Gen Z makeup demands. See more on Revlon’s filing and case background as this story develops.