Sales: $231 million.
Corporate sales: $468 million.
Key Personnel: Stephen Nussdorf, executive chairman of the board; Michael Katz, president and CEO; Neal Montany, chief operating officer, Donald Loftus, president, Parlux Ltd. and EVP, Perfumania, Inc. Parlux • Five Star Fragrance; Michael Nofi, CFO, Perfumania Holdings, Inc.; Allan Katz, SVP, sales, Quality Fragrance Group & Scents of Worth; Diana Espino; vice president, global marketing and brand development, Parlux & Five Star Fragrance; Paolo Rosellini; vice president, international, Parlux & Five Star Fragrance; Pat Beh Werblin, vice president, advertising and public relations, Parlux & Five Star Fragrance; Kevin McCall, vice president, stores, Perfumania Holdings, Inc.
Major Products: Fine fragrances.
New Products: Tommy Bahama Maritime, Kiss by Rihanna.
Comments: Perfumania Holdings, Inc. is a specialty retailer and distributor of fragrances and related beauty products. The company’s wholesale business tallied sales of $231 million for the year ended Jan. 28 2017, which was down 6.8% from the previous fiscal year. Parlux’s sales decreased by $12.7 million, which it said was mainly due to lower demand by department store customers for multiple licensed brands.
With these losses, there appears to be some action in the bullpen. In May, the company announced that a special committee of independent directors was considering various alternatives to address the company’s financial condition. In addition, that committee was considering the company’s capital structure and said it contacted the Nussdorf family (who in aggregate own approximately 50% of the company’s outstanding common stock and the majority of the company’s debt) to “begin discussions over possible alternatives that could result in value to all shareholders.”
The news of special committee’s push came just days after Michael Nofi stepped into the role of chief financial officer at Perfumania Holdings.