It's a saga that folks in the comic book publishing industry have seen before. In a situation that eerily recalls his tenure at Marvel, financier Ronald Perelman has just about done in another American institution -- Revlon cosmetics. Christopher Byron, writing in the New York Post, paints a bleak picture of the financial future of the cosmetics giant that Perelman took over in 1985, in one of the first big hostile takeovers of the greed-drenched 1980s. As was the case with Marvel, Perelman has loaded Revlon with debt (circa $1.5 billion), eliminated two-thirds of the company's 16,000 employees, and rewarded investors with a stock price slump (from a high of $55 to its current value of $2.63). While Perelman's management team has stabilized Revlon's market share with gimmicky discount programs, it has been costly with $6 million in negative cash flow for the most recent quarter (which doesn't even take into account the $40 million in interest payments per quarter).
Revlon Saddled With Debt, Low on Cash
Posted by ICv2 on November 3, 2003 @ 6:00 pm CT
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