Revlon files for Chapter 11

Revlon is blaming a rising debt load, supply chain disruptions and intense competition for the need to file for Chapter 11 bankruptcy protection. The company expects to receive $575 million in debtor-in-possession financing to continue operating its business. "By addressing these complex legacy debt constraints, we expect to be able to simplify our capital structure and significantly reduce our debt, enabling us to unlock the full potential of our globally recognized brands," Revlon CEO Debra Perelman said in a statement.