Revlon Files for Bankruptcy

Revlon Files for Bankruptcy

Revlon, Files for Bankruptcy.

Reuters reports that the cosmetics firm filed for bankruptcy on June 15.

Over the years, the company, formed in 1932, has lost sales to celebrity brands such as Kylie Cosmetics and Fenty Beauty.

Over the years, the company, formed in 1932, has lost sales to celebrity brands such as Kylie Cosmetics and Fenty Beauty.

Over the years, the company, formed in 1932, has lost sales to celebrity brands such as Kylie Cosmetics and Fenty Beauty.

The brands in its portfolio are themselves a little older and do not offer the hype that the contemporary customer is looking for, Thomai Serdari, a professor of marketing at New York University, via Reuters.

Supply issues, worsened by the pandemic, have also hit Revlon hard.

Supply issues, worsened by the pandemic, have also hit Revlon hard.

Company shares fell 44% after news of the bankruptcy filing on June 15.

Reuters reports that as of March 31, Revlon had long-term debt of $3.31 billion.

On June 16, the company said that upon getting court approval, .

It expects to receive $575 million in debtor-in-possession financing from its lender base.

Canada and the U.K. are the only international units that are included in the Chapter 11 bankruptcy proceedings.

Canada and the U.K. are the only international units that are included in the Chapter 11 bankruptcy proceedings