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Revlon restructures

Executive Summary

Color cosmetics leader announces worldwide restructuring plan that will allow it to reduce annualized costs by roughly $30 mil., according to May 28 release. Rightsizing strategy includes planned elimination of roughly 400 positions - 325 current employees and 75 open slots. "This action, which we are implementing immediately, will enable us to become a stronger, more financially sound organization while staying true to our vision of providing glamour, excitement and innovation to consumers through high-quality products at affordable prices," President and CEO Alan T. Ennis says. Restructuring and related charges are expected to total $20 mil., $17 mil. of which will be recognized in the firm's fiscal 2009 second quarter. Excluding those charges, Revlon anticipates "significant negative impact on net sales and profitability in [its] second-quarter 2009 results" due to slowing category growth, inventory declines, and unfavorable foreign currency, among other factors
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