• Revlon, reported long-term liabilities of $3.3 billion in the first quarter.
• The company initiated Chapter 11 proceedings to manage its debt.
• In the US, Chapter 11 allows firms to restructure themselves; while being protected from creditors.

Revlon, famed for its distinctive nail paint and lipstick, filed for Chapter 11 bankruptcy protection; claiming that its debt was between $1 billion and $10 billion.

Revlon, the world’s largest cosmetics company, has declared bankruptcy after years of fierce competition from rivals; focusing on online sales and supply chain issues.

The company filed for Chapter 11 bankruptcy protection late Wednesday to handle its debt; which it estimated to be worth between $1 billion and $10 billion.

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Revlon, which is known for its distinctive nail polish and lipstick; recorded $3.3 billion in long-term liabilities in the first quarter.

In a statement, CEO Debra Perelman said, “Today’s filing will allow Revlon to offer our consumers; the iconic goods we have supplied for decades while giving a clearer path for our future growth.”

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