Revlon has filed for bankruptcy as the cosmetics firm has struggled under the weight of hefty debt, supply chain disruption and sky-rocketing headwinds.
The 90-year-old make-up maker said that it anticipated some $75m in financing from existing lenders, contingent on court approval. The rescue cash will help it to keep daily operations up and running.
“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 the company’s president Debra Perelman.
Companies have had to tackle surging costs across utilities and logistics, as well as coming up against supply chain challenges amid the pandemic.
Revlon listed assets and liabilities of between $1bn and $10bn in a court filing yesterday.