Revlon Inc has filed for Chapter 11 bankruptcy this week after struggling to compete with online-focused upstart brands in recent years.
The cosmetics giant, controlled by billionaire Ron Perelman’s MacAndrews & Forbes, 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.
Revlon, which started off selling nail enamel nearly 90 years ago, also houses several brands including Britney Spears Fragrances and Christina Aguilera Fragrances.
The bankruptcy filing comes days after the Wall Street Journal reported Revlon had begun talks with lenders ahead of looming maturities of debt to avoid bankruptcy.
Revlon, which was managed by Perelman’s daughter Debra Perelman since mid-2018, had long-term debt of $3.31 billion as of March 31.
Formed in 1932 by brothers Charles and Joseph Revson and Charles Lachman, Revlon was sold to MacAndrews & Forbes in 1985 and went public 11 years later. The company bought Elizabeth Arden in an $870 million deal in 2016 to strengthen its skincare business.
However, Revlon’s sales have struggled amid supply chain issues and a failure to swiftly switch to in-demand skincare, losing shelf space in US stores to cosmetic startups backed by celebrities such as Kylie Jenner and Rihanna.