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US cosmetics giant Revlon filed for Chapter 11 bankruptcy in New York’s Southern District, unable to handle its heavy debt load in light of supply chain difficulties and surging inflation.
According to the documents filed in court, the listed assets of the group amount to 2.3 billion dollars against debt of 3.7 billion. The bankruptcy, Bloomberg reconstructs, closes a tumultuous period for the company, which suffered during the pandemic and had to face years of decline in sales due to the spread of products of new emerging brands that have dented its market share.
Revlon started out in cosmetics about 90 years ago, starting selling nail polishes during the Great Depression.