Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs.
Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy, weighed down by a heavy debt load, disruptions to its supply chain network and surging costs
"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, who was named Revlon president and CEO in 2018. With brands from Almay to Elizabeth Arden, Revlon had been a mainstay on store shelves for decades. But in recent years it struggled not only with heavy debt but also with stiffer competition and failure to keep pace with changing beauty tastes.
In recent months, Revlon, like many other companies, experienced industry-wide supply chain challenges and higher costs. The beauty company said in March that logistical issues hurt its ability to meet customer orders. It also said it was stymied by rising prices on key ingredients and persistent labor shortages.
During an interview with The Associate Press last fall, Perelman said she was optimistic about the future. As women venture out, Revlon's makeup sales are rebounding. She said the company also used the health crisis as an opportunity to double-down on investments online. During the pandemic, Elizabeth Arden launched one-on-one virtual consultations, for example.
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