(Reuters) - Revlon Inc filed for Chapter 11 bankruptcy protection late on Wednesday as the debt-laden cosmetics company struggled to take on rising competition from celebrity-backed startups in recent years.
Revlon, which was founded in 1932 as a nail paint maker, is controlled by billionaire Ron Perelman's MacAndrews & Forbes and counts celebrities Gal Gadot and Megan Thee Stallion among its brand ambassadors.
Here's a timeline of Revlon's journey from a cosmetics giant to a debt-ridden firm:
Date/Year Event
1932 Brothers Charles and Joseph Revson and
Charles Lachman form Revlon and launch
the first opaque nail enamel.
1955 Expands its business to international
markets.
1965 Launches its ColorSilk hair color and
clinches sponsorship of "The $64,000
Question" T.V. show, helping drive sales
and build brand image.
1979 Acquires Henry Colomer and launches its
professional business.
1985 MacAndrews & Forbes acquires Revlon in a
hostile takeover for about $1.8 billion.
(https://reut.rs/3NMMpJf)
March 1996 Revlon goes public, listing on the NYSE
at a price of $24 per share. (https://
2000 Sells its Professional Products division
to Beauty Care Professional Products
Luxembourg, S.a.r.l.
2009 Perelman makes an unsuccessful attempt
to take Revlon private.
Aug. 2013 Revlon buys back its professional
products business through a $660 million
takeover of Spanish beauty care company
the Colomer Group. (https://reut.rs/3NPwCct)
Dec. 2013 Says it would exit China due to falling
sales, at a time when other Western
brands including Estee Lauder (NYSE:EL) Cos Inc
see fast growth. (https://reut.rs/3QiEtRy)
Jan. 2016 Perelman says he would seek strategic
alternatives for Revlon. (https://reut.rs/3tycOSJ)
June 2016 Revlon acquires Coty (NYSE:COTY) Inc's international
Cutex businesses, completing its global
acquisition of the brand. (https://bwnews.pr/3xhHIA0)
Sept. 2016 Acquires Elizabeth Arden in an $870
million deal, adding the iconic brand
founded by cosmetics industry pioneer
and businesswoman Elizabeth Arden in
1910.
(https://bwnews.pr/39uOzxY)
May 2018 Names Ron Perelman's daughter, Debra
Perelman, its first female CEO,
replacing Fabian Garcia who was hired to
turn the company around. (https://reut.rs/3xrDB4w)
Aug. 2019 MacAndrews and Forbes says Revlon would
explore options for its business. (https://reut.rs/3HrdHSZ)
March 2020 Revlon says it would cut 1,000 positions
in a bid to improve profitability. (https://reut.rs/3xouqSq)
Aug. 13, 2020 Citigroup (NYSE:C) pays Revlon lenders nearly
$900 million by mistake. (https://on.wsj.com/3zBPV4D)
Aug. 17, 2020 Citigroup sues Revlon lender Brigade
Capital Management, asking the hedge
fund to return its portion of the $900
million payment. (https://reut.rs/3tyOvV4)
Nov. 2020 Revlon avoids bankruptcy after getting
bondholder support. The company had
warned earlier that month it may be
forced to file for chapter 11 bankruptcy
protection. (https://reut.rs/3zzna8M)
Dec. 2020 Citigroup heads to trial to recoup a
half-billion dollars it claimed were
still due after the $900 million Revlon
snafu. (https://reut.rs/39wXbnM)
Feb. 2021 A federal judge says Citigroup is not
entitled to recoup the amount in Revlon
payment blunder.(https://reut.rs/3QoyhHB)
June 10, 2022 Revlon prepares to file for chapter 11
bankruptcy protection, according to a
Wall Street Journal report, citing
people familiar with the matter.
June 15, 2022 Company files for chapter 11 bankruptcy
protection.