Cosmetics giant Revlon files for Chapter 11 bankruptcy protection

Source: CNBC

“Cosmetics giant Revlon filed for Chapter 11 bankruptcy protection on Wednesday evening as it grappled with a cumbersome debt load and a snarled supply chain. The company said it expects to receive $575 million in debtor-in-possession financing from its existing lender base, which will help to support its day-to-day operations. … Revlon’s bankruptcy filing said the company is currently unable to timely fill almost one-third of customer demand for its products, due to an inability to source a ‘sufficient and regular supply of raw materials.’ Shipping components from China to the United States takes Revlon eight to 12 weeks and costs four times 2019 prices, it said.” (06/16/22)

https://www.cnbc.com/2022/06/16/cosmetics-giant-revlon-files-for-chapter-11-bankruptcy-protection.html