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.
"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," said company President and CEO Debra Perelman. Though demand for Revlon's products remains strong, the company's "challenging capital structure" has made it difficult to tackle certain economic issues, Perelman added.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
The toilet roll tax: UK's strange VAT rules
The Explainer 'Mysterious' and 'absurd' tax brought in £168 billion to HMRC last year
By The Week UK Published
-
Why is Tesla stumbling?
In the Spotlight More competition, confusion about the future and a giant pay package for Elon Musk
By Joel Mathis, The Week US Published
-
How Taylor Swift changed copyright negotiations in music
under the radar The success of Taylor's Version rerecordings has put new pressure on record labels
By Theara Coleman, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published