The owner of cosmetics giant Avon has filed for bankruptcy in an effort to resolve mass lawsuits alleging talc powder in its products contained cancer-causing asbestos.
Avon Products Inc. (API), a U.S.-based non-operational holding company of the Avon beauty brand, filed for voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware on Aug. 12, according to a press release.
