Revlon files for bankruptcy as declining sales lead to downfall

The bankruptcy caps a tumultuous period for the company, which suffered during the pandemic and faced years of declining sales as consumer tastes changed

The cosmetics giant, owned by billionaire Ron Perelman’s MacAndrews & Forbes, sought court protection in the Southern District of New York late Tuesday. Picture: Daniel Acker/Bloomberg

Revlon Inc. filed for Chapter 11 bankruptcy as the global supply chain crunch proved the tipping point for the debt-laden company that has struggled to tap into a broader cosmetics sales boom driven by social media influencers.

The cosmetics giant, owned by billionaire Ron Perelman’s MacAndrews & Forbes, sought court protection in the Southern District of New York late Tuesday. It listed assets totalling $2.3bn (€2.2bn) as of late April, and debts of $3.7bn (€3.5bn), according to court papers.