Debts and competition have brought the major company to its knees.

Revlon, one of the biggest names in consumer-brand cosmetics, filed for Chapter 11 bankruptcy protections today. The company, which has been in operation for 90 years, has found itself with a string of misfortunes, including mounting debts, supply chain issues, and increased competition from other cosmetic brands, many of which have the added strength of being celebrity-endorsed or curated.

“Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” Revlon CEO Debra Perelman said in a release, adding that “challenging capital structure has limited our ability to navigate macro-economic issues in order to meet this demand.”

Revlon will be receiving $575 million in financing to maintain its regular operations while they work to reorganize their assets and finances. In particular, the company is hoping to increase their personal liquidity in order to offset losses and complications brought about by the ongoing supply chain concerns.

Due to the aforementioned concerns and competition, Revlon has lost a large portion of its share in the cosmetics marked, regularly being muscled out of both promotional and shelf space. Comparing 2017 sales to 2021 sales, Revlon’s profits have dropped by about 22%. This, in turn, has deteriorated their stock value by over 80% since the beginning of 2022.