Revlon Inc. filed for bankruptcy, potentially ending a decades-long bet on the beauty products company by its billionaire controlling shareholder Ronald Perelman.
Mr. Perelman bought Revlon in 1985 and has built a reputation for always riding to its rescue at a time when its future looked bleak, often through hedge loans or cash investments. They now face losing control of the cosmetics business as it faces heavy debt burdens, inflation and supply-chain pressures, and competitive threats.