According to the BBC, cosmetics manufacturer, Revlon has filed for bankruptcy in the United States, citing supply chain problems that have increased the cost of raw materials for its products.

The 90-year-old company also cites supplier payments, inflation, and labor shortages as obstacles.

The company anticipates receiving $575 million from its existing lenders to fund daily operations.

Following the announcement, its shares in the New York trade fell by more than 13 percent.

In a court statement, the business stated that disruptions in its supply chain had resulted in intense competition for the cosmetics' ingredients. In addition, vendors have reportedly requested advance payment for orders.

This has generated "shortages of necessary ingredients across the company's portfolio," according to Robert Caruso, a chief restructuring officer at Revlon.