Debra Perelman: Celebs Rumors

Revlon has gone bust amid rising debts, supply chain chaos and fierce competition from younger rivals. The 90-year-old cosmetics giant behind Elizabeth Arden and Gatineau filed for bankruptcy in the US yesterday. It follows years of struggle for the New York-based business, renowned for supermodel campaigns featuring diverse, famous and new models including Iman, Claudia Schiffer, Cindy Crawford and Christy Turlington.

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Cosmetics company Revlon, has filed for Chapter 11 bankruptcy protection - weighed down by rising debts, global supply chain disruptions and new rivals. The firm has been a fixture on beauty shelves for 90 years but has struggled in recent years with mounting debt, rising competition and failure to keep pace with changing beauty standards. The firm said that upon court approval, it expects to receive 575 million US dollars (£467 million) in financing from its existing lenders, which will allow it to keep its day-to-day operations running.