The owner of the beauty brand Avon in the UK, Europe and Latin America has filed for bankruptcy as it tries to off-load more than $1bn of debt, including millions of dollars in liabilities linked to lawsuits alleging that talc in its products caused cancer.
Avon Products Inc (API), a subsidiary of Brazil’s Natura which bought Avon’s non-North American trading businesses in 2020, has filed for Chapter 11, the American version of administration.
API said that the process would allow it to address its debt obligations in an “orderly manner”. Natura has proposed to buy back its trading operations outside the US for $125m (£97m) after the bankruptcy process is complete.
API has already spent $225m in costs defending itself against…
