Avon Products Inc., once a titan in the beauty industry and valued at a staggering $21 billion, has filed for Chapter 11 bankruptcy. This decision comes as the company faces a growing number of lawsuits alleging that its talcum powder products, which were widely used in cosmetics, contain asbestos and have led to cancer in consumers. The bankruptcy filing is seen as a strategic move by the company to manage its debts and address the mounting legal challenges.
