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.
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.
-
RFK Jr.: A new plan for sabotaging vaccinesFeature The Health Secretary announced changes to vaccine testing and asks Americans to 'do your own research'
-
Education: Can public schools be religious?Feature A Supreme Court seems ready to rule in favor of religious charter schools in Oklahoma, which could reshape public education
-
Ruth Buzzi: The comic actress who packed a wallopFeature She was best-known as Gladys Ormphby on the NBC sketch show "Rowan & Martin's Laugh-In"
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
