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Beauty multinational company Revlon has filed for Chapter 11 bankruptcy protection.

The 90-year-old company whose ambassadors include famous faces like Gal Gadot, Ashley Graham, and Jessica Jung had suffered in the last few years as it lost market share to big companies such as Procter & Gamble, as well as up-and-coming labels by celebrities such as Kylie Cosmetics and Fenty Beauty.

Revlon’s debt problem only worsened with the pandemic, when lipstick gave way to medical-grade masks, and its sales dropped 21% in 2020.

But the main factor the company is attributing its bankruptcy to is global supply chain disruptions.

The company has narrowly averted defaults multiple times by making debt deals with its creditors, as it struggles with more than US$3 billion of long-term debt.

Upon court approval, Revlon said it expects to receive US$575 million in financing from its existing lenders. This funding will allow the company to run its day-to-day operations.

“Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” said Debra Perelman. Perelman has been President and CEO of Revlon since 2018.

The proceedings don’t involve any of Revlon’s international operating subsidiaries, except for Canada and the United Kingdom.

Featured image taken from @revlon / Instagram.