Revlon makes big job cuts after acquiring Elizabeth Arden
Revlon announced this week in a SEC filing that over 350 positions will be eliminated. After acquiring Elizabeth Arden late last year, the cuts are one of the first steps of the company’s plan to merge the two businesses. And Revlon said in the filing that it is continuing to evaluate options for integrating Arden into its own operations.
The company will see around $65 million to $75 million in charges related to pre-tax restricting in total, with $30 million of that to be paid over the course of 2016.
Revlon completed the acquisition of Elizabeth Arden on September 6, purchasing all outstanding shares of Elizabeth Arden for $14 per share at an enterprise value of $870 million. The acquisition boosted the company’s nine-month net sales, coming in at an increase of 10.1% to $1,533.3 million.
Elizabeth Arden is just one of the big name brands in Revlon’s portfolio. Other brands the beauty conglomerate boasts include American Crew, Juicy Couture, Elizabeth Taylor, John Varvatos, Wildfox Couture, and Britney Spears.