Revlon, mired in debt, files for bankruptcy protection
CBSN
Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection after being weighed down by debt load, disruptions to its supply chain network and surging costs.
The New York-based company said it expects to receive $575 million in financing from its existing lenders, which will allow it to keep its day-to-day operations running. None of Revlon's international operating subsidiaries are included in the proceedings, except for Canada and the United Kingdom. The filing was made in the U.S. Bankruptcy Court for the Southern District of New York.
"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 CEO Debra Perelman said in a statement Thursday.
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