Monday, July 4

Revlon files for bankruptcy protection

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Cosmetics maker Revlon Inc filed for Chapter 11 bankruptcy protection on Wednesday after struggling to compete with online-focused upstart brands in recent years.

The nail polish and lipstick maker listed assets and liabilities between $1 billion and $10 billion, according to a filing with the US Bankruptcy Court for the Southern District of New York.

The bankruptcy comes days after the Wall Street Journal reported that Revlon had begun talks with filing lenders ahead of looming maturities of debt to avoid bankruptcy.

Revlon’s sales have struggled amid supply bottlenecks and a failure to swiftly switch to in-demand skincare, losing shelf space in US stores to startups backed by celebrities such as Kylie Jenner’s Kylie Cosmetics and Fenty Beauty by Rihanna. (Reporting by Maria Ponnezath and Praveen Paramasivam in Bengaluru; Editing by Shounak Dasgupta)

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