Renaissance planning corporate restructuring following lower-than-expected results.
This article was originally published in The Rose Sheet
Executive Summary
RENAISSANCE CONSIDERING RESTRUCTURING BY END OF FY 1998 (March 31), following the company's Feb. 3 announcement that its third quarter operating results would be "significantly below" analysts' expectations. For the three months ending Dec. 31, the company expects net sales to be between $53 mil. and $55 mil., resulting in an operating loss before interest, taxes, depreciation and amortization of between $14 mil. and $16 mil., the fragrance and cosmetics marketer said. In response to the downturn, Renaissance said it is "reexamining" the business with the expectation that "underlying changes...will be important factors in our ability to operate successfully in the future."