Cosmetics maker Revlon to cut 1,000 positions, continues to explore options [Reuters]
Revlon, Inc. New (REV)
Last revlon, inc. new earnings: 11/8 07:30 am
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Source: Reuters
Cosmetics maker Revlon to cut 1,000 positions, continues to explore options (Reuters) - Revlon Inc ( REV.N ) said on Monday it expected to save up to $230 million a year by 2022 end, mainly by eliminating nearly 1,000 positions, in a bid to improve profitability even as it continues to explore options along with Goldman Sachs. The cosmetics maker has been struggling to attract youngsters in a competitive market that houses several upstart brands, including actor Millie Bobby Brown’s Florence by Mills vegan cosmetics, and bigger companies such as L’Oreal ( OREP.PA ) and Estee Lauder ( EL.N ). Its sales has declined for at least five quarters. Revlon posted preliminary fourth-quarter revenue of $699.4 million, well below market estimates of $755.4 million, hit by weak demand for its fragrances and namesake products. It said it expects to incur between $55 million and $65 million in charges in 2020, mainly due to severance and contract termination costs. Its biggest shareholder Mac
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