THE WHAT? Revlon has filed for bankruptcy, listing assets and liabilities of between US$1 billion and US$10 billion in a court filing.
THE DETAILS According to a report by Reuters, the company expected to get US$575 million in debtor-in-possession financing from its existing lender base upon receipt of court approval.
None of Revlon’s international units, except Canada and the UK, are part of the Chapter 11 bankruptcy proceedings.
THE WHY? The cosmetics company is said to have flailed under mounting debts as it attempted to stay abreast of online start-ups, and has also been hit by supply issues and COVID-19.
Debra Perelman, Revlon Chief Executive, said, “Our challenging capital structure has limited our ability to navigate macro-economic issues.”