Cosmetics maker Revlon Inc filed for bankruptcy protection on Wednesday after struggling to compete with new brands focused on online sales in recent years, Reuters reported.
The manufacturer of nail polish and lipstick has listed assets and liabilities worth between 1 billion and 10 billion dollars, according to a statement to the US Insolvency Court for the southern district of New York, BG ON AIR reports.
The bankruptcy petition was filed days after the Wall Street Journal reported that Revlon had begun negotiations with creditors ahead of impending debt maturities to avoid bankruptcy.
The 90-year-old company started selling nail polishes in the days of the Great Depression, and later added lipsticks to its collection. By 1955, the brand had become international.
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