
Revlon files for bankruptcy
CNN
Revlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition.
The nail polish and lipstick maker said the move will allow it to "strategically reorganize" its finances, pointing to "liquidity constraints" sparked by supply chain disruptions and inflation. Revlon is receiving $575 million in debtor-in-possession financing to help support its day-to-day operations.
"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."

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