Cosmetics giant Revlon Inc. has filed for Chapter 11 bankruptcy.
“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. But our challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand.
The 90-year-old business is majority owned by MacAndrews & Forbes, run by Ronald Perelman, who said in 2020 that he’d been selling off assets — from companies to fine art. At the beginning of this year, he offloaded his opulent Lily Pond Lane mansion in East Hampton for $84 million. This was down from the original listing price of $115 million.
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