Revlon Files for Bankruptcy

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Revlon (New York) has filed for Chapter 11 bankruptcy, a move prompted by competition from newer cosmetics brands and ongoing economic challenges, Bloomberg reports.

In its filing for court protection in the Southern District of New York , the company listed assets of $2.3 billion and liabilities of $3.7 billion.

Aside from its heavy debt load, Revlon was also suffering from years of declining sales due to competition from Estee Lauder and numerous smaller companies who are using social media to advertise, the article explains. Supply chain problems and inflation further eroded the brand’s bottom line.

Revlon is owned by MacAndrews & Forbes, the holding company of billionaire Ron Perelman. It has more than 15 brands, including Elizabeth Arden and Elizabeth Taylor.

Read more at Bloomberg.

VMSD Staff

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