Image source, Getty ImagesThe cost of raw materials for its products has gone up as a result of supply chain disruptions.
The 90-year-old firm has struggled with supplier payments, inflation and labour shortages.
The company says it will get $575 million from its existing lenders.
After the announcement, its shares plummeted in New York.
The company said in a court filing that supply chain disruptions had led to intense competition for ingredients. Suppliers have asked to be paid before the order is placed.
The shortage of necessary ingredients across the company's portfolio has been caused by this.
It takes 35 to 40 raw materials and component parts to make a single tube of lipstick.
The company also has well-known names such as Elizabeth Arden and Cutex and fragrances by Britney Spears and Christina Aguilera.
It has faced increased competition from new brands in recent years, such as those backed by celebrities, such as the cosmetics company that is owned by the family of the late Caitlyn.
Revlon will be able to operate while it works out a plan to repay its debts after it files for Chapter 11 in the US.
The bankruptcy filing will allow the company to "offer our customers the iconoclastic products we have delivered for decades, while providing a clearer path for our future growth", according to the president and CEO.
The company's shares were removed from the New York Stock Exchange's platform on Thursday.
Brothers Charles and Joseph Revson and Charles Lachman started selling nail polish in the 1930's. It became an international brand by the mid 1950s.
Ronald Perelman bought it in 1985. Its products are sold in more than 150 countries.
Revlon warned earlier this year that it was facingliquidity constraints brought on by continued global challenges.
There was a slide in its share price last week after it was reported that it would be filing for Chapter 11.
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