Playtex Products is shopping for buyers of its many brands, such as Banana Boat sunscreens and Woolite carpet cleaners, after failing to sell the company as a whole, according to reports. Experts blame the $828 million debt accrued from buying such brands since 1995. Most of these occurred under chief executive officer Michael Gallager, who announced he will retire by the end of this year.
Fierce competition has also hit Playtex's sales in categories such as tampons and baby products. Sales fell from $657.7 million in 2003 from $723.5 million in 2001. Industry experts said selling some brands would help the company lessen its debt and streamline its hodge-podge product portfolio.