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.
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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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