Headlines

Elizabeth Arden Details Restructuring Plans

Effort dubbed ‘Performance Improvement Plan’

Published

10 years ago

June 25, 2014

Sarah Whitman

Elizabeth Arden Inc. (Miramar, Fla.) has disclosed the first details of the company’s restructuring plan, which comes among rumors of a possible acquisition, according to Women’s Wear Daily.

The plan, which was first disclosed in May and approved by Arden’s board on Monday, calls for reducing head count; exiting underperforming businesses, retail doors and fragrance licenses; discontinuing certain products, and shuttering the Puerto Rico affiliate.

The effort, dubbed the Performance Improvement Plan, is expected to yield annual savings of approximately $27 million to $35 million, and is part of a larger restructuring and cost-cutting program intended to wring out $40 million to $50 million in annual savings once fully implemented, reports WWD.

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