The 90-year-old cosmetics big behind Elizabeth Arden and Gatineau, Revlon, filed for chapter within the US yesterday.
The submitting was made within the US Chapter Court docket for the Southern District of New York and the corporate listed property and liabilities between £810million and £8.1billion, in keeping with the paperwork.
Revlon blamed provide chain disruptions and intense competitors for the components and suppliers asking be paid for orders upfront as causes for its troubles.
This has precipitated “shortages of essential components throughout the corporate’s portfolio,” Revlon’s chief restructuring officer Robert Caruso stated within the submitting.
“For instance, one tube of Revlon lipstick requires 35 to 40 uncooked supplies and part elements, every of which is important to bringing the product to market,” he added.
