Revlon Inc. filed for bankruptcy, potentially ending a decadeslong bet on the beauty products company by Ronald Perelman, its billionaire controlling shareholder.
Mr. Perelman bought Revlon in 1985 and built a reputation for always riding to its rescue when its future looked bleak, often through rescue loans or cash infusions. Now he faces losing control of the cosmetics business as it confronts a heavy debt load, inflation and supply-chain pressures and competitive threats.
