Revlon, whose brands had been a mainstay on store shelves for decades, has struggled for failing to keep pace with changing beauty tastes and stiffer competition.
Filing for bankruptcy doesn't always mean the end for an American business., the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs.
Her father, billionaire Ron Perelman, backs the company through MacAndrews & Forbes, which acquired the business through a hostile takeover in the late 1980s. Revlon went public in 1996.With brands from Almay to Elizabeth Arden, Revlon had been a mainstay on store shelves for decades. But in recent years it struggled not only with heavy debt but also with stiffer competition and failure to keep pace with changing beauty tastes.
In recent months, Revlon, like many other companies, experienced industry-wide supply chain challenges and higher costs. The beauty company said in March that logistical issues hurt its ability to meet customer orders. It also said it was stymied by rising prices on key ingredients and persistent labor shortages.It’s a big change from Revlon's heyday throughout much of the 20th century when it was the second-largest cosmetics company by sales, behind only Avon. Now it’s No.
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