Revlon files for bankruptcy protection

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A public safety officer watches people in front of a billboard belonging to Revlon which takes their photos and posts them in Times Square in the Manhattan borough of New York October 13, 2015. REUTERS/Carlo Allegri

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June 16 (Reuters) – Cosmetics maker Revlon Inc (REV.N) filed for Chapter 11 bankruptcy on Wednesday after struggling to compete with online brands in recent years.

The nail polish and lipstick maker has listed assets and liabilities between $1 billion and $10 billion, according to a filing in the U.S. Bankruptcy Court for the Southern District of New York.

The bankruptcy filing comes days after The Wall Street Journal reported that Revlon had begun talks with lenders ahead of looming debt maturities to avoid bankruptcy.

Revlon’s sales have struggled amid supply bottlenecks and an inability to quickly shift to in-demand skincare, losing space in U.S. stores to startups backed by celebrities such as Kylie Jenner’s Kylie Cosmetics and Rihanna’s Fenty Beauty.

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Reporting by Maria Ponnezhath and Praveen Paramasivam in Bengaluru; Editing by Shounak Dasgupta

Our standards: The Thomson Reuters Trust Principles.

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