filed for Chapter 11 bankruptcy on Wednesday after grappling with its debt load, tough competition from online brands and supply-chain pressures.
The cosmetics maker, which is owned by billionaire Ron Perelman’s MacAndrews & Forbes, filed for bankruptcy with the U.S. Bankruptcy Court for the Southern District of New York. Revlon had a debt load of around $3.3 billion as of March, according to securities filings, The Wall Street Journal reported.
Shares in Revlon (ticker: REV), which have plunged by more than 80% so far this year, traded 4.4% lower in after-hours trading on Wednesday.
Revlon’s brands include American Crew, Elizabeth Arden and Almay.
Write to Lina Saigol at [email protected]