Revlon has officially filed for bankruptcy after succumbing to rising debts. The company has been struggling to stay afloat amidst increasing competition from online start-ups, and this week the 90-year-old company filed for Chapter 11 bankruptcy protections in an effort to “strategically reorganize” their finances, CNN reports.
In recent years, Revlon has been steadily losing shelf space at popular retailers to celebrity start-up brands like Fenty Beauty and Kylie Cosmetics, in addition to an array of supply issues worsened by the pandemic, so it is no surprise that the company has unfortunately gone under. CNN reports that though Revlon’s sales have been slowing throughout the years, they experienced a shocking 21% drop in sales within the last year in addition to a record 80% drop in shares.
Still hopeful, Revlon CEO Debra Perelman assures customers that filing for bankruptcy will simply allow for the company “to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth.” But for now, we will just have to wait and see what the future holds for this industry icon.
