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Revlon, beauty icon in crowded market, files for bankruptcy

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Revlon, a cosmetics maker that broke racial barriers and dictated beauty trends for much of the last century, is filing for Chapter 11 bankruptcy protection.

The company has been a mainstay on store shelves since its founding 90 years ago in New York City. Revlon oversees a stable of household names, from Almay to Elizabeth Arden.

However, it has failed to keep pace with changing tastes and has lost shelf space in a crowded cosmetics market.“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 Debra Perelman, Revlon's president and chief executive officer.

Revlon says it expects to receive $575 million in debtor-in-possession financing, which would provide liquidity to support day-to-day operations.

 

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Revlon files for bankruptcyRevlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity 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.
Source: CNN - 🏆 4. / 95 Read more »