Revlon files for Chapter 11 bankruptcy
Legacy beauty company Revlon has filed for Chapter 11 bankruptcy protection, and is slated to receive $575 million in financing from its lenders upon court approval, The Associated Press reported Thursday.
The filing was prompted by a weighty debt load, "disruptions to [the company's] supply chain network, and surging costs," AP writes. The decision will now permit the company to "strategically reorganize" its finances, Revlon said, per CNN.
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The 90-year-old makeup giant has lost prominence in recent years, as newer and more social media-focused cosmetic ventures — like Kylie Jenner's Kylie Cosmetics and Rihanna's Fenty Beauty — entered and thus took over the space.
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