What does this news mean for the cosmetics giant and the rest of the beauty industry?
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Revlon
Credit: Tommaso Boddi/Getty Images for Beautycon

Revlon has officially filed for Chapter 11 bankruptcy, sending shockwaves throughout the beauty world on June 16.

After battling declining sales, mounting debt, recent supply chain issues and changes in the industry, the 90-year-old makeup mainstay has filed for bankruptcy in an attempt to turn things around.

The brand also cited celebrity-backed beauty launches as some of its biggest competition.

Revlon
Revlon makeup display.
| Credit: Justin Sullivan/Getty Images

Earlier this month, the company's stock plummeted to less than $2 a share, and its long-term debt stands at over $3 billion.

Revlon does not intend to close its doors anytime soon, instead, it is hoping this will serve as an opportunity to drive the company forward.

"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 Revlon CEO Debra Perelman in a release.

Revlon in Paris
Credit: Getty Images / Images Press

The company also announced that it expects to receive $575 million in financing from its existing lenders to keep day-to-day operations running.

Apart from the Revlon makeup and nail polish lines, the parent company also owns iconic brands like Almay and Elizabeth Arden.