By ANNE D’INNOCENZIO, AP Retail Author
Revlon, the 90-year-old multinational magnificence firm, has filed for Chapter 11 chapter safety, weighed down by debt load, disruptions to its provide chain community and surging prices.
The New York-based firm stated it expects to obtain $575 million in financing from its current lenders, which can permit it to maintain its day-to-day operations working.
None of Revlon’s worldwide working subsidiaries are included within the proceedings, aside from Canada and the UK. The submitting was made within the U.S. Chapter Court docket for the Southern District of New York,
Revlon, whose manufacturers from Almay to Elizabeth Arden had been a mainstay on retailer cabinets for many years, has struggled for years for failing to maintain tempo with altering magnificence tastes and stiffer competitors. It’s backed by billionaire Ron Perelman’s MacAndrews & Forbes.
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