Revlon files for bankruptcy protection
Revlon Inc. REV, +20.32% said Thursday that it has voluntarily filed for bankruptcy. The cosmetics and hair-care company's stock was halted for news. Revlon said the Chapter 11 filing will allow it to continue to run its business while it reorganizes its capital structure, amid liquidity constraints brought on by challenges including supply chain disruptions, rising inflation and debt obligations.
Upon court approval of the filing, the company expect to receive $575 million in debtor-in-possession financing to support operations."Consumer demand for our products remains strong -- people love our brands, and we continue to have a healthy market position," said Chief Executive Debra Perelman."But our challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand.
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