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.“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.
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