Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs.
The New York-based company said it expects to receive $575 million in financing from its existing lenders, which will allow it to keep its day-to-day operations running.
None of Revlons international operating subsidiaries are included in the proceedings, except for Canada and the United Kingdom. The filing was made in the U.S. Bankruptcy Court for the Southern District of New York,
Revlon, whose brands from Almay to Elizabeth Arden had been a mainstay on store shelves for decades, has struggled for years for failing to keep pace with changing beauty tastes and stiffer competition. It is backed by billionaire Ron Perelmans MacAndrews & Forbes.