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Cosmetics giant Revlon files for bankruptcy amid heavy debt load

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Cosmetics maker Revlon has filed for bankruptcy in the US, as it says supply chain disruptions have driven up the cost of raw materials for its products.The 90-year-old firm says it has also been struggling with supplier payments, inflation and labour shortages.The company says it expects to receive $575m (£466.6m) from its existing lenders to support day-to-day operations.In a court filing, the company said that supply chain disruptions had prompted intense competition for the ingredients used in its cosmetics. It added that suppliers have also asked to be paid for orders upfront.

This has caused “shortages of necessary ingredients across the company’s portfolio,” Revlon’s chief restructuring officer Robert Caruso said in the filing. “For example, one tube of Revlon lipstick requires 35 to 40 raw materials and component parts, each of which is critical to bringing the product to market,” he added. In recent years it has faced increased competition from new brands like those backed by celebrities such as Kylie Jenner’s Kylie Cosmetics and Rihanna’s Fenty Beauty.
The company’s debt load proved burdensome, especially after it sold more than $2 billion of loans and bonds to fund its acquisition of Elizabeth Arden in 2016. It also owns brands including Cutex and Almay, and markets in more than 150 countries. Revlon narrowly staved off multiple previous defaults by cutting deals with creditors to rework its obligations out of court, and later found itself ensnared in one of the banking industry’s most infamous blunders when Citigroup Inc. — intending to process a routine loan interest payment — instead mistakenly paid some Revlon creditors nearly $900 million.

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Dubai traffic alert: Key roads, including Sheikh Zayed Road, to close on New Year’s Eve

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Dubai will implement gradual road closures on New Year’s Eve, including major routes such as Sheikh Zayed Road, starting from 4 PM on December 31, according to a senior official from the Roads and Transport Authority (RTA).

Residents and visitors planning to visit Downtown Dubai or other popular fireworks destinations are advised to begin their journeys early and rely on public transport, said Hussain Al Bana, Executive Director of Traffic at the RTA. He urged those not attending festivities in these areas to leave early and reminded guests with bookings near the celebrations to arrive before 4 PM.

The road closure schedule includes:

  • Sheikh Mohammed Bin Rashid Boulevard: From 4 PM
  • Financial Centre Street (Lower Deck): From 4 PM
  • Al Mustaqbal Street: From 4 PM
  • Burj Khalifa Street: From 4 PM
  • Al Asayel Road (Oud Metha to Burj Khalifa): From 4 PM
  • Al Sukuk Street: From 8 PM
  • Upper Level of Financial Road: From 8 PM
  • Sheikh Zayed Road: Gradual closure from 11 PM

To accommodate workers and ensure safety, authorities have designated viewing zones featuring large screens and meal services in collaboration with the Permanent Committee for Labour Affairs. Dedicated family-only viewing areas have also been arranged, with additional details forthcoming.

Enhanced Parking Facilities

The RTA has arranged approximately 20,000 additional parking spaces at Dubai Mall, Zabeel, and Emaar Boulevard to cater to visitors. Alternative parking options at Al Wasl and the GDRFA parking lots will also be available, with free shuttle buses provided for convenience.

Metro users can park at Centerpoint, Etisalat e&, and Jebel Ali stations for easier access to celebration venues. Note that the Dubai Water Canal Footbridge and elevators will close at 4 PM.

Citywide Celebrations

As Dubai rings in 2025, a total of 36 locations across the city will host spectacular celebrations. Highlights include fireworks displays at Burj Park, Global Village, Dubai Festival City Mall, Al Seef, Bluewaters, The Beach at JBR, and Hatta.

Authorities encourage the public to use public transport and plan their journeys in advance to enjoy a smooth and memorable New Year’s Eve.

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Dubai Metro rolls Out 43-hour nonstop operations for New Year’s Eve

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Dubai Metro and Tram services will operate nonstop for over 43 hours starting December 31, according to a senior official from the Roads and Transport Authority (RTA).

This initiative is designed to alleviate congestion during New Year celebrations, encouraging the public to rely on public transport for a smoother journey. Dubai Metro will run continuously from 5 AM on December 31 until the end of January 1, while Dubai Tram will operate from 6 AM on December 31 until 1 AM on January 2.

Additionally, the RTA will deploy a fleet of 1,400 buses, available free of charge, to further support public transportation. The RTA, highlighted that the extended Metro and Tram services, increased parking facilities, and free bus rides are part of the authority’s efforts to provide convenient travel options and reduce traffic congestion for celebrators.

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Traffic Relief: Dubai opens new bridge, slashes travel time from 15 to 3 minutes

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A new 1km bridge opened on Sunday in Dubai, greatly easing traffic flow from Hessa Street to Al Khail Road, the Roads and Transport Authority (RTA) announced.

The two-lane bridge has reduced travel time from Hessa Street to Al Khail Road from 15 minutes to just three minutes, the RTA added. The bridge ensures a “seamless” traffic connection to Dubai’s city centre and Dubai International Airport.

RTA also announced that 54 per cent of the Dh689 million Hessa Street development project, which includes upgrades of four major intersections, has been completed. All intersections are expected to be fully operational by the fourth quarter of 2025.

Mattar Al Tayer, Director-General, Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), said the Hessa Street development project, spanning 4.5km from its intersection with Sheikh Zayed Road to its intersection with Al Khail Road, represents a continuation of efforts to develop road infrastructure to keep pace with the emirate of Dubai’s continuous growth.

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