The nail polish and lipstick maker said the move will allow it to"strategically reorganize" its finances, pointing to"liquidity constraints" sparked by supply chain disruptions and inflation. Revlon is receiving $575 million in debtor-in-possession financing to help support its day-to-day operations.
It has also been hit by supply issues, made worse by the Covid-19 pandemic. Resulting product shortages were another major factor in tipping Revlon into bankruptcy, and analysts have said they were unlikely to be resolved in the near-term.Read MoreThe company was founded in 1932 by brothers Charles and Joseph Revson and Charles Lachman. Revlon went public in 1996 and in 2016 bought by Elizabeth Arden in an $870 million skincare bet to fend off competition.
good, this is how a functioning economy works, evolve or die. NO MORE BAILOUTS with our money, if you can't survive, you will be replaced, that includes banks, airlines, or anyone.