Revlon Inc has filed for bankruptcy after the U.S cosmetics firm buckled under debts it built up in a bid to compete with online-focused upstarts.
Known for its nail polishes and lipsticks, the 90-year-old company listed assets and liabilities of between $1 billion and $10 billion in a court filing on Wednesday.
Revlon has in recent years lost shelf space and sales to startups backed by celebrities such as Kylie Jenner’s Kylie Cosmetics and Rihanna’s Fenty Beauty.
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Revlon, the 90-year-old cosmetics giant, filed for Chapter 11 bankruptcy protection because of its crippling debt and mounting celebrity competition. https://t.co/Udr0met5HC
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