Revlon files for bankruptcy protection
The cosmetics maker was bought by billionaire Ron Perelman’s MacAndrews & Forbes in 1985.
Cosmetics maker Revlon Inc filed for Chapter 11 bankruptcy protection on Wednesday after struggling with debt and competition from upstart brands.
The company listed assets and liabilities between $1 billion and $10 billion, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.
Once the court approves, the company expects to receive $575 million in debtor-in-possession ("DIP") financing from its existing lender base, which in addition to its existing working capital facility, will provide liquidity to support day-to-day operations.
Revlon makeup products are displayed at a CVS store. ( (Photo by Justin Sullivan/Getty Images) / Getty Images)
The cosmetics maker, owned by billionaire Ron Perelman’s MacAndrews & Forbes, had been in restructuring talks with top-ranking lenders ahead of debt maturities that begin next year, according to the Wall Street Journal.
COSMETICS MAKER REVLON NEARS CHAPTER 11 FILING
Perelman’s private-equity firm bought Revlon in 1985.
"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. "Consumer demand for our products remains strong – people love our brands, and we continue to have a healthy market position."
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Revlon makeup products are displayed at a CVS store in Sausalito, California. ((Photo by Justin Sullivan/Getty Images) / Getty Images)
Revlon's brands include American Crew, Elizabeth Arden and Almay to name a few.
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Revlon's competitors included brands backed by celebrities such as Kylie Jenner's Kylie Cosmetics and Fenty Beauty by Rihanna.
Reuters contributed to this report.