Iconic makeup company Revlon has filed for bankruptcy protection.
The 90-year-old company has assets of between $1 billion and $10 billion, according to Wednesday’s court filing, Reuters reported.
It filed for Chapter 11 bankruptcy protection, The Associated Press reported.
The company was founded in 1932 by Charles and Joseph Revson and Charles Lachman. It has lost footing in the makeup world because of competition from companies with celebrity backing such as Kylie Jenner’s Kylie Cosmetics and Rihanna’s Fenty Beauty, Reuters reported.
Revlon also had to contend with supply issues and the COVID-19 pandemic.
When people had to start wearing masks, they stopped wearing lipstick, the AP reported last September after sales dropped 21% in 2020. Sales started to rebound last year.
During much of the 20th century, Revlon was the second-largest makeup company by sales. Avon was the largest cosmetics company. Last year Revlon dropped to number 22, according to the AP.
Revlon expects to refinance its debts and continue operations, the AP reported. The company hopes to get $575 million in financing from its current lenders to continue day-to-day operations.
Revlon’s international companies, except ones based in Canada and the U.K., are included in the court filing, the AP reported.
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