New York - Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs.
The New York-based company said it expects to receive $575 million in financing from its existing lenders, which will allow it to keep its day-to-day operations running.
None of Revlon's international operating subsidiaries are included in the proceedings, except for Canada and the United Kingdom. The filing was made in the U.S. Bankruptcy Court for the Southern District of New York,
Revlon, whose brands from Almay to Elizabeth Arden had been a mainstay on store shelves for decades, has struggled for years for failing to keep pace with changing beauty tastes and stiffer competition. It is backed by billionaire Ron Perelman's MacAndrews & Forbes.
Timeline-Revlon's road to bankruptcy
Here's a timeline of Revlon's journey from a cosmetics giant to a debt-ridden firm:
1932 Brothers Charles and Joseph Revson and Charles Lachman form Revlon and launch the first opaque nail enamel.
1955 Expands its business to international markets.
1965 Launches its ColorSilk hair color and clinches sponsorship of "The $64,000 Question" TV show, helping drive sales and build brand image.
1979 Acquires Henry Colomer and launches its professional business.
1985 MacAndrews & Forbes acquires Revlon in a hostile takeover for about $1.8 billion.
March 1996 Revlon goes public, listing on the NYSE at a price of $24 per share.
2000 Sells its Professional Products division to Beauty Care Professional Products Luxembourg, S.a.r.l.
2009 Perelman makes an unsuccessful attempt to take Revlon private.
Aug. 2013 Revlon buys back its professional products business through a $660 million takeover of Spanish beauty care company the Colomer Group.
Dec. 2013 Says it would exit China due to falling sales, at a time when other Western brands including Estee Lauder Cos Inc see fast growth.
Jan. 2016 Perelman says he would seek strategic alternatives for Revlon.
June 2016 Revlon acquires Coty Inc's international Cutex businesses, completing its global acquisition of the brand.
Sept. 2016 Acquires Elizabeth Arden in an $870 million deal, adding the iconic brand founded by cosmetics industry pioneer and businesswoman Elizabeth Arden in 1910.
May 2018 Names Ron Perelman's daughter, Debra Perelman, its first female CEO, replacing Fabian Garcia who was hired to turn the company around.
Aug. 2019 MacAndrews and Forbes says Revlon would explore options for its business March 2020 Revlon says it would cut 1,000 positions in a bid to improve profitability.
Aug. 13, 2020 Citigroup pays Revlon lenders nearly $900 million by mistake.
Aug. 17, 2020 Citigroup sues Revlon lender Brigade Capital Management, asking the hedge fund to return its portion of the $900 million payment.
Nov. 2020 Revlon avoids bankruptcy after getting bondholder support. The company had warned earlier that month it may be forced to file for chapter 11 bankruptcy protection.
Dec. 2020 Citigroup heads to trial to recoup a half-billion dollars it claimed were still due after the $900 million Revlon snafu.
Feb. 2021 A federal judge says Citigroup is not entitled to recoup the amount in Revlon payment blunder.
June 10, 2022 Revlon prepares to file for chapter 11 bankruptcy protection, according to a Wall Street Journal report, citing people familiar with the matter.
June 15, 2022 Company files for chapter 11 bankruptcy protection.