Cosmetics maker Revlon has filed for bankruptcy in the US, as it says supply chain disruptions have driven up the cost of raw materials for its products, the BBC reports.
The 90-year-old firm says it has also been struggling with supplier payments, inflation and labor shortages.
The company says it expects to receive $575m from its existing lenders to support day-to-day operations.
Its shares lost more than 13% in New York trading after the announcement.
In a court filing, the company said that supply chain disruptions had prompted intense competition for the ingredients used in its cosmetics. It added that suppliers have also asked to be paid for orders upfront.
This has caused “shortages of necessary ingredients across the company’s portfolio,” Revlon’s chief restructuring officer Robert Caruso said in the filing.
