Executives at Revlon Inc., New York, re-ported a larger fourth quarter loss as the company spent more promoting its brands and paid for more returned items. This was due in part to the company’s elimination of some products. Revlon’s net loss widened to $179.4 million, from $28.3 milliona year earlier, executives revealed..
Industry experts said Revlon has suffered from a heavy debt load and tough competition from Procter & Gamble Co., which owns the Cover Girl and Max Factor brands, and L’Oréal, which owns Maybelline.
Sales decreased 34% to $212.6 million. Revlon’s board has approved a proposal by MacAndrews & Forbes, which is owned by Revlon’s chief executive officer Ronald Perelman, to provide the company with $150 million in cash to help it fund a strategic plan.