What Went Wrong at Revlon

ColorStay, Fire & Ice and Super Lustrous lipstick are some of the most well-known makeup products and franchises of the last four decades — all created by Revlon, the cosmetics company founded by Charles Revson in 1932.

That wasn’t enough. This week, the company filed for Chapter 11 bankruptcy protection, a move long anticipated within the industry following years of declining sales, supply chain issues and mounting debt (listed at $3.7…