NEW YORK – Revlon, the 90-year-old beauty multinational, has filed for Chapter 11 bankruptcy protection struggling with debt burdens, disruptions to its supply chain network and rising costs.
The New York-based company expects to raise $575 million in financing from its existing lenders, which will allow it to continue its ongoing operations.
With the exception of Canada and the United Kingdom, none of Revlon’s international subsidiaries are involved in the proceedings. The application 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, has struggled for years to keep up with changing beauty tastes and stiffer competition. It is backed by billionaire Ron Perelman’s MacAndrews & Forbes.
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https://www.local10.com/news/national/2022/06/16/revlon-files-for-bankruptcy-protection-amid-heavy-debt-load/ Revlon files for bankruptcy protection amid heavy debt burden