Renowned cosmetic company Revlon files for bankruptcy in the US after supply chain trouble and surging costs

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.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Belize ~ We offer fully customizable and flexible digital marketing packages. Your content is delivered instantly to thousands of users in Belize and abroad! Contact us at mаrkеtіng@brеаkіngbеlіzеnеwѕ.соm or call us at 501-612-0315.

© 2022, BreakingBelizeNews.com. Content is copyrighted and requires written permission for reprinting in online or print media. Theft of content without permission/payment is punishable by law.