STORY: Revlon, the cosmetics giant known for its nail polishes and lipsticks, has filed for bankruptcy, the first major consumer-facing company to seek Chapter 11 protection since a bankruptcy frenzy in 2020.

The 90-year-old company buckled under debts built up trying to compete with younger, online-focused upstarts.

Revlon in recent years had lost shelf space to startups backed by celebrities such as Kylie Jenner's Kylie Cosmetics and Rihanna's Fenty Beauty.

Revlon, which started off selling nail enamel in 1932, is currently controlled by billionaire Ron Perelman and counts celebrities Gal Gadot and Megan Thee Stallion among its brand ambassadors.

Revlon bought Elizabeth Arden in an $870 million skincare bet in 2016 to fend off competition.

But the company's sales lagged over the years. Supply chain issues resulting in product shortages were another major factor in tipping Revlon into bankruptcy.

The company also made headlines two years ago when Citigroup accidentally sent nearly $900 million of its own money to Revlon's lenders.

Revlon, which had long-term debt of $3.31 billion as of March 31, said on Thursday it expected to get $575 million in debtor-in-possession financing from its existing lender base, which will help to support its day-to-day operations.