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Restructuring Bringing Job Cuts, Closures to Elizabeth Arden
Posted: June 24, 2014
According to Bloomberg News, the stock prices of beauty company Elizabeth Arden fell after the company announced a restructuring program, designed to save the company as much as $50 million annually, that will include job cuts and closing the Elizabeth Arden Puerto Rico affiliate.
After a loss in its third fiscal quarter 2014, the company reported it will incur $65–72 million in pretax expenses through fiscal 2015, according to a filing, but the restructuring program should lead to annual savings of as much as $50 million once it’s completed, the company said. It was not reported how many positions would be eliminated as part of the restructuring.
Also, in addition to the job cuts and the Puerto Rico closure, Elizabeth Arden announced Kathy Widmer, its chief marketing officer, is stepping down, leaving the company effective August 28, 2014.