Posted: Saturday, June 18, 2022. 11:28 am CST.
By Zoila Palma Gonzalez: Ninety-year-old renowned cosmetic company, Revlon has filed for bankruptcy in the United States citing disruptions in the supply chain that have driven up the cost of raw materials for the products.
In addition, the company said it was struggling with payments, inflation, and labor shortages.
Just following the announcement, the company’s shares lost more than 13% in the New York Stock Exchange.
Revlon said that suppliers also asked to be paid upfront for orders.
The company had faced increased competition from new brands backed by celebrities such as Kylie Jenner’s Kylie Cosmetics and Rihanna’s Fenty Beauty.
By filing for bankruptcy, Revlon will remain open while it works out a plan to pay creditors.
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