Revlon files for bankruptcy
An American cosmetics manufacturer filed for bankruptcy. The company is 3.5 billion zlotys in debt.
Revlon is an American cosmetics manufacturer that has been around for 90 years. According to the company’s statement, its difficult situation is the result of global disruptions in the supply chain. This has increased the cost of raw materials and also caused suppliers to demand upfront payments. The raw material supply problems started as early as 2020. Inflation and labor shortages also contributed to the company’s deterioration. As a result, its sales dropped sharply. The U.S. Business of Fashion website reports that Revlon’s long-term debt exceeds $3.5 billion. The company has been seeking lenders for two years and has managed to secure a $1.8 billion debt refinancing. Revlon is hoping that this support will help it survive. That’s why along with filing for bankruptcy, the company has also filed for protection from claims.