Revlon Files for Bankruptcy

The 90-year-old cosmetics giant filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition.

"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 Revlon CEO Debra Perelman in a release.

She added that its "challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand."

Revlon in recent years lost shelf space and sales to startups backed by celebrities, such as Kylie Jenner's Kylie Cosmetics and Rihanna's Fenty Beauty.

Revlon is receiving $575 million in debtor-in-possession financing to help support its day-to-day operations.

In a court filing, the company said that supply chain disruptions had prompted intense competition for the ingredients used in its cosmetics.

This has caused "shortages of necessary ingredients across the company's portfolio," Revlon's chief restructuring officer Robert Caruso said in the filing.

Revlon was formed in 1932 by brothers Charles and Joseph Revson and Charles Lachman  By the mid-1950s it had become an international brand.

Earlier this year, Revlon warned that it was facing "liquidity constraints brought on by continued global challenges, including supply chain disruption and rising inflation".