NEW YORK (AP) — Revlon, a cosmetics maker that broke racial barriers and dictated beauty trends for much of the last century, is filing for Chapter 11 bankruptcy protection.
The company has been a mainstay on store shelves since its founding 90 years ago in New York City. Revlon oversees a stable of household names, from Almay to Elizabeth Arden.
However, it has failed to keep pace with changing tastes and has lost shelf space in a crowded cosmetics market.
The company will continue to operate as it restructures debt.
“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 Debra Perelman, Revlon's president and chief executive officer.
Revlon says it expects to receive $575 million in debtor-in-possession financing, which would provide liquidity to support day-to-day operations.